Tax Notes logo
HOMETAX NOTES RESEARCHFEDERALINTERNAL REVENUE CODE OF 1986

Sec. 2631 GST exemption

  • Internal Revenue Code of 1986
  • SUBTITLE B -- ESTATE AND GIFT TAXES
  • Chapter 13 -- Tax on Certain Generation-skipping Transfers
  • Subchapter D -- GST Exemption

(a) 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.

(b) Allocations irrevocable. Any allocation under subsection (a), once made, shall be irrevocable.

(c) 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.

Copy RID