26 U.S.C. § 2621 — Taxable amount in case of taxable distribution
submitted 50 years ago by Pub. L. 94-455 to r/title-26-INTERNAL-REVENUE-CODE · 109 words · no verdicts yet
This section states how to determine the taxable amount when a taxable distribution occurs. It applies the calculation rules stated in the section.
(a) In general for this chapter, the taxable amount in the case of any taxable distribution* must be— (1) the value of the property received by the transferee, reduced by (2) any expense incurred by the transferee in connection with the determination, collection, or refund of the tax imposed by this chapter for such distribution.
(b) Payment of GST tax treated as taxable distribution for this chapter, if any of the tax imposed by this chapter for any taxable distribution is paid out of the trust*, an amount equal to the portion so paid must be treated as a taxable distribution.
For purposes of this chapter, the taxable amount in the case of any taxable distribution* shall be—
the value of the property received by the transferee, reduced by
any expense incurred by the transferee in connection with the determination, collection, or refund of the tax imposed by this chapter with respect to such distribution.
For purposes of this chapter, if any of the tax imposed by this chapter with respect to any taxable distribution is paid out of the trust*, an amount equal to the portion so paid shall be treated as a taxable distribution.
Source credit: (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1887; amended Pub. L. 97–34, title IV, § 422(e)(4), Aug. 13, 1981, 95 Stat. 316; Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2720.)
- 1976Enacted · Pub. L. 94-455 · 90 Stat. 1887
- 1981Amended · Pub. L. 97-34 · 95 Stat. 316
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2720
A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-455 on 1976-10-04.
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