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Title 26, Internal Revenue CodeRelease 119-110

§2624 Valuation

Title 26 › Subtitle B — Estate and Gift Taxes › CHAPTER 13 — TAX ON GENERATION-SKIPPING TRANSFERS › Subchapter C — Taxable Amount › § 2624

Last updated Sep 22, 2026|Official source

Summary

Value property at the time the generation-skipping transfer happens, unless this chapter says something different. If a direct skip is part of the transferor’s gross estate, use the same value that applies for estate tax under chapter 11, including rules in sections 2032 and 2032A. If one or more taxable terminations of the same trust occur at the same time and because of someone’s death, you may choose to value that property under section 2032. Subtract any payment or other consideration the recipient gives from the property’s value.

Full Legal Text

Title 26, §2624

Internal Revenue Code, Source: USLM XML via OLRC

(a)General rule
Except as otherwise provided in this chapter, property shall be valued as of the time of the generation-skipping transfer.
(b)Alternate valuation and special use valuation elections apply to certain direct skips
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)Alternate valuation election permitted in the case of taxable terminations occurring at death
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)Reduction for consideration provided by trans­feree
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

Sep 22, 2026

Release point: 119-110