Internal Revenue Code:Sec. 2621. Taxable amount in case of taxable distribution

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS
        Subchapter C - Taxable Amount
      

Statute

    Sec. 2621. Taxable amount in case of taxable distribution
 
    (a) In general
      For 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 distribution
      For 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.
 

Sources

    (Added Pub. L. 94-455, title XX, Sec. 2006(a), Oct. 4, 1976, 90
    Stat. 1887; amended Pub. L. 97-34, title IV, Sec. 422(e)(4), Aug.
    13, 1981, 95 Stat. 316; Pub. L. 99-514, title XIV, Sec. 1431(a),
    Oct. 22, 1986, 100 Stat. 2720.)
 

Miscellaneous

                                 AMENDMENTS
      1986 - Pub. L. 99-514 amended section generally, substituting
    provisions relating to taxable amount in case of a taxable
    distribution for former provisions which related generally to
    administration of this chapter.  See section 2661 of this title.
      1981 - Subsec. (b). Pub. L. 97-34 substituted ''Section 6166''
    for ''Sections 6166 and 6166A'' in heading and ''section 6166
    (relating to extension of time'' for ''sections 6166 and 6166A
    (relating to extensions of time'' in text.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      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.
                      EFFECTIVE DATE OF 1981 AMENDMENT
      Amendment by Pub. L. 97-34 applicable to estates of decedents
    dying after Dec. 31, 1981, see section 422(f)(1) of Pub. L. 97-34,
    set out as a note under section 6166 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 642 of this title.