§ 2624 Valuation
(a) General rule
Except as otherwise provided in this chapter, property shall 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 purposes of this chapter shall be the same as its value for purposes of chapter 11 (determined with regard to sections and ).
(c) Alternate valuation election permitted in the case of taxable terminations occurring at death
If 1 or more taxable terminations with respect to the same trust occur at the same time as and as a result of the death of an individual, an election may be made to value all of the property included in such terminations in accordance with section .
(d) Reduction for consideration provided by transferee
For purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.
(Added Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2721.)
Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 2624