USC Subchapter C

in effect

26 U.S.C. § 2621 Taxable amount in case of taxable distribution

(a) In generalFor purposes of this chapter, the taxable amount in the case of any taxable distribution shall be—(1) the value of the property received by the transferee, reduced by (2) any expense incurred by the transferee in connection with the determination, collection, or refund of the tax imposed by this chapter with respect to such distribution. (b) Payment of GST tax treated as taxable distributionFor purposes of this chapter, if any of the tax imposed by this chapter with respect to any taxable distribution is paid out of the trust, an amount equal to the portion so paid shall be treated as a taxable distribution.

26 U.S.C. § 2622 Taxable amount in case of taxable termination

(a) In generalFor 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). (b) Deduction for certain expensesFor 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.

26 U.S.C. § 2623 Taxable amount in case of direct skip

For purposes of this chapter, the taxable amount in the case of a direct skip shall be the value of the property received by the transferee.

26 U.S.C. § 2624 Valuation

(a) General ruleExcept as otherwise provided in this chapter, property shall be valued as of the time of the generation-skipping transfer. (b) Alternate valuation and special use valuation elections apply to certain direct skipsIn the case of any direct skip of property which is included in the transferor’s gross estate, the value of such property for purposes of this chapter shall be the same as its value for purposes of chapter 11 (determined with regard to sections 2032 and 2032A). (c) Alternate valuation election permitted in the case of taxable terminations occurring at deathIf 1 or more taxable terminations with respect to the same trust occur at the same time as and as a result of the death of an individual, an election may be made to value all of the property included in such terminations in accordance with section 2032. (d) Reduction for consideration provided by transfereeFor purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.