2017 US Code
Title 26 - Internal Revenue Code
Subtitle B - Estate and Gift Taxes
Chapter 13 - Tax on Generation-Skipping Transfers
Subchapter C - Taxable Amount
Sec. 2622 - Taxable amount in case of taxable termination
| 26 U.S.C. § 2622 (2017) |
| §2622. Taxable amount in case of taxable termination |
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(a) In general
For purposes of this chapter, the taxable amount in the case of a taxable termination shall be— (1) the value of all property with respect to which the taxable termination has occurred, reduced by (2) any deduction allowed under subsection (b). For purposes of subsection (a), there shall be allowed a deduction similar to the deduction allowed by section 2053 (relating to expenses, indebtedness, and taxes) for amounts attributable to the property with respect to which the taxable termination has occurred. |
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(Added Pub. L. 94–455, title XX, §2006(a), Oct. 4, 1976, 90 Stat. 1888; amended Pub. L. 99–514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2720.) |
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AMENDMENTS
1986—Pub. L. 99–514 amended section generally, substituting provisions relating to taxable amount in case of a taxable termination for former provisions which authorized the Secretary to promulgate regulations. See section 2663 of this title. EFFECTIVE DATE OF 1986 AMENDMENTSection 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. |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle B - Estate and Gift Taxes CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS Subchapter C - Taxable Amount Sec. 2622 - Taxable amount in case of taxable termination |
| section 2622 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 90 Stat. 1888 100 Stat. 2720 |
| Public Law 94-455, Public Law 99-514 |
