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26 U.S.C. § 2631 — GST exemption

submitted 40 years ago by Pub. L. 99-514 to r/title-26-INTERNAL-REVENUE-CODE · 86 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) General rule

For purposes of determining the inclusion ratio, every individual shall be allowed a GST exemption amount 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.

(c) GST exemption amount

For purposes of subsection (a), the GST exemption amount for any calendar year shall be equal to the basic exclusion amount under section 2010(c) for such calendar year.

Source credit: (Added Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2721; amended Pub. L. 105–34, title V, § 501(d), Aug. 5, 1997, 111 Stat. 846; Pub. L. 105–206, title VI, § 6007(a)(1), July 22, 1998, 112 Stat. 806; Pub. L. 107–16, title V, § 521(c), June 7, 2001, 115 Stat. 72; Pub. L. 111–312, title III, § 303(b)(2), Dec. 17, 2010, 124 Stat. 3303.)

history & why it existsrecord from the source credit
  • 1986Enacted · Pub. L. 99-514 · 100 Stat. 2721
  • 1997Amended · Pub. L. 105-34 · 111 Stat. 846
  • 1998Amended · Pub. L. 105-206 · 112 Stat. 806
  • 2001Amended · Pub. L. 107-16 · 115 Stat. 72
  • 2010Amended · Pub. L. 111-312 · 124 Stat. 3303

A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-514 on 1986-10-22.

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