
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: 26USC2622]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                    Subtitle B--Estate and Gift Taxes
 
            CHAPTER 13--TAX ON GENERATION-SKIPPING TRANSFERS
 
                      Subchapter C--Taxable Amount
 
Sec. 2622. Taxable amount in case of taxable termination


(a) In general

    For purposes of this chapter, the taxable amount in the case of a 
taxable termination shall be--
        (1) the value of all property with respect to which the taxable 
    termination has occurred, reduced by
        (2) any deduction allowed under subsection (b).

(b) Deduction for certain expenses

    For purposes of subsection (a), there shall be allowed a deduction 
similar to the deduction allowed by section 2053 (relating to expenses, 
indebtedness, and taxes) for amounts attributable to the property with 
respect to which the taxable termination has occurred.

(Added Pub. L. 94-455, title XX, Sec. 2006(a), Oct. 4, 1976, 90 Stat. 
1888; amended 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 termination 
for former provisions which authorized the Secretary to promulgate 
regulations. See section 2663 of this title.


                    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.

                  Section Referred to in Other Sections

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