United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle B. Estate and Gift Taxes |
Chapter 13. TAX ON GENERATION-SKIPPING TRANSFERS |
SubChapter A. Tax Imposed |
§ 2602. Amount of tax
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The amount of the tax imposed by section 2601 is— (1) the taxable amount (determined under subchapter C), multiplied by (2) the applicable rate (determined under subchapter E).
Amendments
1986—Pub. L. 99–514 amended section generally, substituting provisions that amount of tax imposed by section 2601 is the taxable amount (determined under subchapter C), multiplied by the applicable rate (determined under subchapter E) for former provisions which set out in detail the calculations and formulae for determining amount of tax imposed by section 2601.
1981—Subsec. (c)(5). Pub. L. 97–34 redesignated subpars. (B) and (C) as (A) and (B), respectively, and struck out former subpar. (A) relating to adjustments to marital deduction and providing that if the generation-skipping transfer occurs at the same time as, or within 9 months after, the death of the deemed transferor, for purposes of section 2056, relating to bequests, etc., to surviving spouse, the value of the gross estate of the deemed transferor shall be deemed to be increased by the amount of such transfer.
1978—Subsec. (a)(1)(C). Pub. L. 95–600, § 702(h)(2), inserted “, as modified by section 2001(e)” after “within the meaning of section 2001(b)”.
Subsec. (d)(1)(A). Pub. L. 95–600, § 702(n)(4)(A), inserted “(or at the same time as the death of a beneficiary of the trust assigned to a higher generation than such deemed transferor)” after “such deemed transferor”.
Subsec. (d)(2)(A). Pub. L. 95–600, § 702(n)(4)(B), inserted “(or beneficiary)” after “the deemed transferor”.
Effective Date Of Amendment
Section applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after
Amendment by Pub. L. 97–34 applicable to estates of decedents dying after
Amendment by section 702(h)(2) of Pub. L. 95–600 applicable to estates of decedents dying after
Amendment by section 702(n)(4) of Pub. L. 95–600 effective as if included in this chapter as added by section 2006 of Pub. L. 94–455, see section 702(n)(5) of Pub. L. 95–600, set out as a note under section 2613 of this title.