26 U.S.C. § 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.

Pub. L. 94–455, title XX, § 2006(a)Oct. 4, 197690 Stat. 1888 Pub. L. 99–514, title XIV, § 1431(a)Oct. 22, 1986100 Stat. 2720(Added , , ; amended , , .)

Editorial Notes

Amendments

Pub. L. 99–514 section 2663 of this title1986— 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 .

Statutory Notes and Related Subsidiaries

Effective Date of 1986 Amendment

section 2611 of this titleOct. 22, 1986section 1433 of Pub. L. 99–514 section 2601 of this titleSection applicable to generation-skipping transfers (within the meaning of ) made after , except as otherwise provided, see , set out as a note under .