Internal Revenue Code:Sec. 2624. Valuation

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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. 2624. Valuation
 
    (a) General rule
      Except 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 skips
      In 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 death
      If 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 transferee
      For purposes of this chapter, the value of the property
    transferred shall be reduced by the amount of any consideration
    provided by the transferee.
 

Sources

    (Added Pub. L. 99-514, title XIV, Sec. 1431(a), Oct. 22, 1986, 100
    Stat. 2721.)
 

Miscellaneous

                               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.