Page:United States Statutes at Large Volume 90 Part 2.djvu/412

 9 0 STAT. 1880

Ante, p. 1879.

PUBLIC LAW 94-455—OCT. 4, 1976 " (1) GENERAL RULE.—Except as otherwise provided in this subsection, no deduction, exclusion, exemption, or credit shall be allowed against the tax imposed by section 2601. " (2) CHARITABLE DEDUCTIONS ALLOWED.—The deduction under

26 USC 2055, 2106, 2522.

section 2055, 2106(a)(2), or 2522, whichever is appropriate, shall be allowed in determining the tax imposed by section 2601. " (3) U N U S E D PORTION OF UNIFIED CREDIT.—If the generation-

Anu, p. 1848. Ante, p. 1846.

skipping transfer occurs at the same time as, or after, the death of the deemed transferor, then the portion of the credit under section 2010(a) (relating to unified credit) which exceeds the sum of— " (A) the tax imposed by section 2001, and " (B) the taxes theretofore imposed by section 2601 with respect to t h i s deemed transferor, shall be allowed as a credit against the tax imposed by section 2601. The amount of the credit allowed by the preceding sentence shall not exceed the amount of the tax imposed by section 2601. " (4) CREDIT FOR TAX ON PRIOR TRANSFERS.—The c r e d i t under

section 2013 (relating to credit for tax on prior transfers) shall be allowed against the tax imposed by section 2601. For purposes of the preceding sentence, section 2013 shall be applied a s if so much of the property subject to tax under section 2601 as is not taken into account for purposes of determining the credit allowable by section 2013 with respect to the estate or the deemed transferor passed from the transferor (as defined in section 2013) to the deemed transferor. " (5) COORDINATION W I T H ESTATE TAX.— " (A) ADJUSTMENTS TO MARITAL DEDUCTION.—If the genera-

tion-skipping transfer occurs a t the same time as, o r within 9 months after, the death of the deemed transferor, for purposes of section 2056 (relating to bequests, etc., to surviving spouse), the value of the gross estate of the deemed transferor shall be deemed to be increased by the amount of such transfer. "(B)

CERTAIN EXPENSES ATTRIBUTABLE TO GENERATION-SKIP-

PING TRANSFER.—If the generation-skipping transfer occurs a t the same time as, or after, the death of the deemed transferor, for purposes of this section, the amount taken into account with respect to such transfer shall be reduced— " (i) in the case of a taxable termination, by any item referred to in section 2053 o r 2054 to the extent that a deduction would have been allowable under such section for such item if the amount of the trust had been includible in the deemed transferor's gross estate and if the deemed transferor h a d died immediately before such transfer, or " ( i i) in the case of a taxable distribution, by any expense incurred i n connection with the determination, collection, or refund of the tax imposed by section 2601 on such transfer. " (C) CREDIT FOR STATE INHERITANCE TAX.—If the genera-

tion-skipping transfer occurs at the same time as, or after, the death of the deemed transferor, there shall be allowed as a credit against the tax imposed by section 2601 an amount equal to that portion of the estate, inheritance, legacy, o r succession tax actually paid to any State or the District of Columbia in respect of any property included in the genera-

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