26 U.S.C. § 2631
§ 2631. GST exemption
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1986 by the Tax Reform Act of 1986. Last changed December 17, 2010 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Every change, newest first (5)
- December 17, 2010Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
- June 7, 2001Economic Growth and Tax Relief Reconciliation Act of 2001
- July 22, 1998IRS Restructuring and Reform Act of 1998
- August 5, 1997Taxpayer Relief Act of 1997
- October 22, 1986Tax Reform Act of 1986 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.
Any allocation under subsection (a), once made, shall be irrevocable.
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.