§2631 — GST exemption

2 cases·1 criticized·1 cited

Statute Text — 26 U.S.C. §2631

(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.

2 Citing Cases

Estate of Charles N. Aronson, Deceased; Barney P. Aronson, Executor, Petitioners T.C. Memo. 2003-189 · 2003

The excess GST exemption amount shall equal the amount by which my unused GST exemption (as that term is used in §2631 of the Internal Revenue Code) available at the time of my death exceeds the value of the property disposed of under Articles SECOND and THIRD (A) above of this, my Last Will and Testament.

Kingston Steamship Corp. v. Renegotiation Board 46 T.C. 288 · 1966