26 U.S.C. § 2631
Section 2631 · GST exemption
Current version, with additions and removals from the June 7, 2001 version.
Current — December 17, 2010
As of June 7, 2001
(a) General rule
(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.
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
(c) GST exemption amount
For purposes of subsection (a), the GST exemption amount for any calendar year shall be equal to the applicable exclusion amount under section 2010(c) for such calendar year.
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.