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Internal Revenue Code (Title 26 U.S.C.)

26 U.S.C. § 2624

Valuation

Official textgovinfo.govlast amended

# (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.

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Nearby sections (25 sections)
  1. 2524 · Extent of deductions
  2. 2601 · Tax imposed
  3. 2602 · Amount of tax
  4. 2603 · Liability for tax
  5. 2604 · [§2604. Repealed. Pub. L. 113–295, div. A, title II,…
  6. 2611 · Generation-skipping transfer defined
  7. 2612 · Taxable termination; taxable distribution; direct skip
  8. 2613 · Skip person and non-skip person defined
  9. 2614 · [§2614. Omitted]
  10. 2621 · Taxable amount in case of taxable distribution
  11. 2622 · Taxable amount in case of taxable termination
  12. 2623 · Taxable amount in case of direct skip
  13. 2624 · Valuation
  14. 2631 · GST exemption
  15. 2632 · Special rules for allocation of GST exemption
  16. 2641 · Applicable rate
  17. 2642 · Inclusion ratio
  18. 2651 · Generation assignment
  19. 2652 · Other definitions
  20. 2653 · Taxation of multiple skips
  21. 2654 · Special rules
  22. 2661 · Administration
  23. 2662 · Return requirements
  24. 2663 · Regulations
  25. 2664 · [§2664. Repealed. Pub. L. 111–312, title III, §301(a), Dec. 17,…
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