26 U.S.C. § 2631
Section 2631 · GST exemption
Current version, with additions and removals from the October 22, 1986 version.
Current — December 17, 2010
As of October 22, 1986
(a) General rule
(a) General rule
For purposes of determining the inclusion ratio, every individual shall be allowed a GST exemption of $1,000,000 which may be allocated by such individual (or his executor) to any property with respect to which such individual is the transferor.
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
(b) Allocations irrevocable
Any allocation under subsection (a), once made, shall be 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.