26-U.S.C.-2621
§2621 – Taxable Amount In Case of Taxable Distribution
Pathway
Title 26 > Subtitle B > Chapter 13 > Subchapter C > Section 2621
Details
- Reference: Section 2621
- Legend: §2621 – Taxable Amount In Case of Taxable Distribution
- USCode Year: 2013
Provision Content
(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.
(Added Pub. L. 94–455, title XX, §2006(a), Oct. 4, 1976, 90 Stat. 1887; amended Pub. L. 97–34, title IV, §422(e)(4), Aug. 13, 1981, 95 Stat. 316; Pub. L. 99–514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2720.)
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.
U.S. Encyclopedia of Law Coverage
Title 26 – Internal Revenue Code in the Legal Encyclopedia: Tax on Transfers
In this entry about Title 26 – Internal Revenue Code, find legal reference material, bibliographies and premiere content related to tax on transfers in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax on transfers-specific issues, written by authorities in the field.
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