§2603 — Liability for tax
2 cases·2 cited
Statute Text — 26 U.S.C. §2603
In the case of a taxable distribution, the tax imposed by section 2601 shall be paid by the transferee.
In the case of a taxable termination or a direct skip from a trust, the tax shall be paid by the trustee.
In the case of a direct skip (other than a direct skip from a trust), the tax shall be paid by the transferor.
Unless otherwise directed pursuant to the governing instrument by specific reference to the tax imposed by this chapter, the tax imposed by this chapter on a generation-skipping transfer shall be charged to the property constituting such transfer.
For provisions making estate and gift tax provisions with respect to transferee liability, liens, and related matters applicable to the tax imposed by section 2601, see section 2661.
2 Citing Cases
required net yield on the day of delivery election was lower than the maximum required net yield, an originator holding a higher than current market-rate mortgage would normally obtain a spread greater than the minimum servicing spread specified in sec. 2603 of petitioner’s Sellers’ and Servicers’ Guide. 13 An originator finding a more attractive opportunity for disposing of a mortgage had to consider the forfeiture of the 1.5-percent refundable portion of the commitment fee. - 15 - In computin
required net yield on the day of delivery election was lower than the maximum required net yield, an originator holding a higher than current market-rate mortgage would normally obtain a spread greater than the minimum servicing spread specified in sec. 2603 of petitioner’s Sellers’ & Servicers’ Guide. An originator finding a more attractive opportunity for disposing of a mortgage had to consider the forfeiture of the 1.5-percent refundable portion of the commitment fee. When a mortgage was del