Title 26 — Internal Revenue CodeRelease 119-73
§2624 Valuation
Title 26 › Subtitle Subtitle B— - Estate and Gift Taxes › Chapter CHAPTER 13— - TAX ON GENERATION-SKIPPING TRANSFERS › Subchapter Subchapter C— - Taxable Amount › § 2624
Summary
Value property at the time of the generation‑skipping transfer unless the chapter provides otherwise. Direct skips in the transferor’s gross estate use chapter 11 values (2032, 2032A). If 1 or more taxable terminations in the same trust occur at death, an election may value all property under section 2032. Reduce the value by any consideration the recipient gives.
Full Legal Text
Title 26, §2624
Internal Revenue Code — Source: USLM XML via OLRC
(a)Except as otherwise provided in this chapter, property shall be valued as of the time of the generation-skipping transfer.
(b)In the case of any direct skip of property which is included in the transferor’s gross estate, the value of such property for purposes of this chapter shall be the same as its value for purposes of chapter 11 (determined with regard to section 2032 and 2032A).
(c)If 1 or more taxable terminations with respect to the same trust occur at the same time as and as a result of the death of an individual, an election may be made to value all of the property included in such terminations in accordance with section 2032.
(d)For purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Effective Date
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 of Pub. L. 99–514, set out as a note under section 2601 of this title.
Reference
Citations & Metadata
Citation
26 U.S.C. § 2624
Title 26 — Internal Revenue Code
Last Updated
Apr 6, 2026
Release point: 119-73