
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: 26USC2624]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                    Subtitle B--Estate and Gift Taxes
 
            CHAPTER 13--TAX ON GENERATION-SKIPPING TRANSFERS
 
                      Subchapter C--Taxable Amount
 
Sec. 2624. Valuation


(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.

(Added Pub. L. 99-514, title XIV, Sec. 1431(a), Oct. 22, 1986, 100 Stat. 
2721.)


                             Effective Date

    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.
