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26 U.S.C. § 2631

GST exemption

Official textInternal Revenue Code (Title 26 U.S.C.)uscode.house.govlast amended
Summarize

# (a) General rule

For purposes of determining the inclusion ratio, every individual shall be allowed a GST exemption amount which may be allocated by such individual (or his executor) to any property with respect to which such individual is the transferor.

# (b) Allocations irrevocable

Any allocation under subsection (a), once made, shall be irrevocable.

# (c) GST exemption amount

For purposes of subsection (a), the GST exemption amount for any calendar year shall be equal to the basic exclusion amount under section 2010(c) for such calendar year.

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Nearby sections (25 sections)
  1. 2601 · Tax imposed
  2. 2602 · Amount of tax
  3. 2603 · Liability for tax
  4. 2604 · Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(95)(B)(i),…
  5. 2611 · Generation-skipping transfer defined
  6. 2612 · Taxable termination; taxable distribution; direct skip
  7. 2613 · Skip person and non-skip person defined
  8. 2614 · Omitted
  9. 2621 · Taxable amount in case of taxable distribution
  10. 2622 · Taxable amount in case of taxable termination
  11. 2623 · Taxable amount in case of direct skip
  12. 2624 · Valuation
  13. 2631 · GST exemption
  14. 2632 · Special rules for allocation of GST exemption
  15. 2641 · Applicable rate
  16. 2642 · Inclusion ratio
  17. 2651 · Generation assignment
  18. 2652 · Other definitions
  19. 2653 · Taxation of multiple skips
  20. 2654 · Special rules
  21. 2661 · Administration
  22. 2662 · Return requirements
  23. 2663 · Regulations
  24. 2664 · Repealed. Pub. L. 111–312, title III, § 301(a), Dec. 17, 2010,…
  25. 2701 · Special valuation rules in case of transfers of certain…
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