26 USC 2631: GST exemption
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26 USC 2631: GST exemption Text contains those laws in effect on January 4, 1995
From Title 26-INTERNAL REVENUE CODESubtitle B-Estate and Gift TaxesCHAPTER 13-TAX ON GENERATION-SKIPPING TRANSFERSSubchapter D-GST Exemption
Jump To: Source CreditEffective Date

§2631. GST exemption

(a) General rule

For purposes of determining the inclusion ratio, every individual shall be allowed a GST exemption of $1,000,000 which may be allocated by such individual (or his executor) to any property with respect to which such individual is the transferor.

(b) Allocations irrevocable

Any allocation under subsection (a), once made, shall be irrevocable.

(Added Pub. L. 99–514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2721 .)

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.

Section Referred to in Other Sections

This section is referred to in section 2632 of this title.