26 U.S.C. § 2624 — Valuation

(a) General rule Except as otherwise provided in this chapter, property must 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 this chapter must be the same as its value for chapter 11 (determined with regard to sections 2032 and 2032A).

(c) Alternate valuation election permitted in the case of taxable terminations occurring at death If 1 or more taxable terminations for the same trust^* occur at the same time as and as a result of the death of an individual, an election can be made to value all of the property included in such terminations under section 2032.

(d) Reduction for consideration provided by transferee for this chapter, the value of the property transferred must be reduced by the amount of any consideration provided by the transferee.