Federal · Title 26 — Internal Revenue Code
26 U.S.C. § 2624: Valuation
Read the full statutory text
Except as otherwise provided in this chapter, property shall be valued as of the time of the generation-skipping transfer. 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 2032 and 2032A). 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 2032. For purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.
Verify at the official source: Federal legislative text
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.