If a generation-skipping transfer (other than a direct skip) occurs at the same time as and as a result of the death of an individual, a credit against the tax imposed by section
2601 shall be allowed in an amount equal to the generation-skipping transfer tax actually paid to any State in respect to any property included in the generation-skipping transfer.
The aggregate amount allowed as a credit under this section with respect to any transfer shall not exceed 5 percent of the amount of the tax imposed by section
2601 on such transfer.
This section shall not apply to the generation-skipping transfers after December 31, 2004.
For termination of amendment by section 901 ofPub. L. 107–16, see Effective and Termination Dates of 2001 Amendment note below.
2001—Subsec. (c). Pub. L. 107–16, §§ 532(c)(10),
901, temporarily added subsec. (c). See Effective and Termination Dates of 2001 Amendment note below.
Effective and Termination Dates of 2001 Amendment
Amendment by Pub. L. 107–16applicable to estates of decedents dying, and generation-skipping transfers, after Dec. 31, 2004, see section 532(d) ofPub. L. 107–16, set out as a note under section
2011 of this title.
Amendment by Pub. L. 107–16inapplicable to estates of decedents dying, gifts made, or generation skipping transfers, after Dec. 31, 2012, and the Internal Revenue Code of 1986 to be applied and administered to such estates, gifts, and transfers as if such amendment had never been enacted, see section 901 ofPub. L. 107–16, set out as a note under section
1 of this title.
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 ofPub. L. 99–514, set out as a note under section
2601 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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