
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC2621]

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

(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.)


                               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.

                  Section Referred to in Other Sections

    This section is referred to in section 642 of this title.
