General rule
For purposes of determining the inclusion ratio, every individual shall be allowed a GST exemption amount which may be allocated by such individual (or his executor) to any property with respect to which such individual is the transferor.
Allocations irrevocable
Any allocation under subsection (a), once made, shall be irrevocable.
GST exemption amount
For purposes of subsection (a), the GST exemption amount for any calendar year shall be equal to the basic exclusion amount under section 2010(c) for such calendar year.
Pub. L. 99–514, title XIV, § 1431(a)100 Stat. 2721Pub. L. 105–34, title V, § 501(d)111 Stat. 846Pub. L. 105–206, title VI, § 6007(a)(1)112 Stat. 806Pub. L. 107–16, title V, § 521(c)115 Stat. 72Pub. L. 111–312, title III, § 303(b)(2)124 Stat. 3303(Added , , ; amended , , ; , , ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 111–3122010—Subsec. (c). substituted “the basic exclusion amount” for “the applicable exclusion amount”.
Pub. L. 107–16, § 521(c)(1)2001—Subsec. (a). , substituted “amount” for “of $1,000,000”.
Pub. L. 107–16, § 521(c)(2)Subsec. (c). , amended heading and text of subsec. (c) generally, substituting provisions relating to the GST exemption amount for any calendar year for provisions which related to inflation adjustment of the $1,000,000 amount contained in subsec. (a) in the case of any calendar year after 1998 and applicability of any increase for any such calendar year.
Pub. L. 105–2061998—Subsec. (c). reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “In the case of an individual who dies in any calendar year after 1998, the $1,000,000 amount contained in subsection (a) shall be increased by an amount equal to—
“(1) $1,000,000, multiplied by
“(2) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting ‘calendar year 1997’ for ‘calendar year 1992’ in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the next lowest multiple of $10,000.”
Pub. L. 105–341997—Subsec. (c). added subsec. (c).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–312section 303(c)(2) of Pub. L. 111–312section 2010 of this titleAmendment by applicable to generation-skipping transfers after , see , set out as a note under .
Effective Date of 2001 Amendment
Pub. L. 107–16section 521(e)(3) of Pub. L. 107–16section 2010 of this titleAmendment by applicable to estates of decedents dying, and generation-skipping transfers, after , see , set out as a note under .
Effective Date of 1998 Amendment
Pub. L. 105–206Pub. L. 105–34section 6024 of Pub. L. 105–206section 1 of this titleAmendment by effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, , to which such amendment relates, see , set out as a note under .
Effective Date
section 2611 of this titlesection 1433 of Pub. L. 99–514section 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 .