Internal Revenue Code:Sec. 2604. Credit for certain State taxes

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Contents


Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS
        Subchapter A - Tax Imposed
      

Statute

    Sec. 2604. Credit for certain State taxes
 
    (a) General rule
      If a generation-skipping transfer (other than a direct skip)
    occurs at the same time as and as a result of the death of an
    individual, a credit against the tax imposed by section 2601 shall
    be allowed in an amount equal to the generation-skipping transfer
    tax actually paid to any State in respect to any property included
    in the generation-skipping transfer.
    (b) Limitation
      The aggregate amount allowed as a credit under this section with
    respect to any transfer shall not exceed 5 percent of the amount of
    the tax imposed by section 2601 on such transfer.
 

Sources

    (Added Pub. L. 99-514, title XIV, Sec. 1431(a), Oct. 22, 1986, 100
    Stat. 2718; amended Pub. L. 107-16, title V, Sec. 532(c)(10), June
    7, 2001, 115 Stat. 75.)
 

Amendment of Section

                            AMENDMENT OF SECTION
        Pub. L. 107-16, title V, Sec. 532(c)(10), (d), title IX, Sec.
      901, June 7, 2001, 115 Stat. 75, 150, provided that, applicable
      to estates of decedents dying, and generation-skipping transfers,
      after Dec. 31, 2004, this section is temporarily amended by
      adding at the end the following new subsection:
    (c) Termination
      This section shall not apply to the generation-skipping transfers
    after December 31, 2004.
        See Effective and Termination Dates of 2001 Amendment note
      below.
 

Miscellaneous

             EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT
      Amendment by Pub. L. 107-16 applicable to estates of decedents
    dying, and generation-skipping transfers, after Dec. 31, 2004, see
    section 532(d) of Pub. L. 107-16, set out as a note under section
    2011 of this title.
      Amendment by Pub. L. 107-16 inapplicable to estates of decedents
    dying, gifts made, or generation skipping transfers, after Dec. 31,
    2010, and the Internal Revenue Code of 1986 to be applied and
    administered to such estates, gifts, and transfers as if such
    amendment had never been enacted, see section 901 of Pub. L.
    107-16, set out as a note under section 1 of this title.
                               EFFECTIVE DATE
      Section applicable to generation-skipping transfers (within the
    meaning of section 2611 of this title) made after Oct. 22, 1986,
    except as otherwise provided, see section 1433 of Pub. L. 99-514,
    set out as a note under section 2601 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 164, 2654 of this title.
 

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