26 U.S. Code § 2621 - Taxable amount in case of taxable distribution

prev | next
(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.

Source

(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. 99–514amended 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. 97–34substituted “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 ofPub. L. 99–514, set out as a note under section 2601 of this title.
Effective Date of 1981 Amendment

Amendment by Pub. L. 97–34applicable to estates of decedents dying after Dec. 31, 1981, see section 422(f)(1) ofPub. L. 97–34, set out as a note under section 6166 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.

26 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.