Title 26 — Internal Revenue CodeRelease 119-73

§2622 Taxable Amount in Case of Taxable Termination

Title 26 › Subtitle Subtitle B— Estate and Gift Taxes › Chapter 13— TAX ON GENERATION-SKIPPING TRANSFERS › Subchapter C— Taxable Amount › § 2622

Last updated Apr 6, 2026|Official source

Summary

When a trust interest ends in a way that triggers the generation-skipping transfer tax, the amount taxed is the value of all the property involved, minus a deduction for expenses, debts, and taxes tied to that property, similar to the deduction allowed for estates.

Full Legal Text

Title 26, §2622

Internal Revenue Code — Source: USLM XML via OLRC

(a)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)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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1986—Pub. L. 99–514 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 section 2663 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

of 1986 Amendment 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. § 2622

Title 26 — Internal Revenue Code

Last Updated

Apr 6, 2026

Release point: 119-73