Title 26, Internal Revenue CodeRelease 119-110
§2622 Taxable Amount in Case of Taxable Termination
Title 26 › Subtitle B — Estate and Gift Taxes › CHAPTER 13 — TAX ON GENERATION-SKIPPING TRANSFERS › Subchapter C — Taxable Amount › § 2622
Summary
When a taxable termination happens, the taxable amount is the value of all the property affected minus any allowed deduction. The law lets you take a deduction like the one in section 2053 for expenses, debts, and taxes tied to that property.
Full Legal Text
Title 26, §2622
Internal Revenue Code, Source: USLM XML via OLRC
(a)In general
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)Deduction for certain expenses
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
Sep 22, 2026
Release point: 119-110