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26 U.S.C. § 2631

Section 2631 · GST exemption

Current version, with additions and removals from the August 5, 1997 version.

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Current — December 17, 2010
As of August 5, 1997
(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) Inflation adjustment

In the case of an individual who dies in any calendar year after 1998, the $1,000,000 amount contained in subsection (a) shall be increased by an amount equal to—

(1) $1,000,000, multiplied by

(2) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 1997” for “calendar year 1992” in subparagraph (B) thereof.

If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the next lowest multiple of $10,000.

(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.

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