Title 26, Part 26 — Generation-skipping Transfer Tax Regulations Under the Tax Reform Act of 1986

Table of contents.

Effective dates.

Generation-skipping transfer defined.

Definitions.

Skip person.

Allocation of GST exemption.

Applicable rate of tax.

Inclusion ratio.

Valuation.

Special rule for charitable lead annuity trusts.

Redetermination of applicable fraction.

Finality of inclusion ratio.

Qualified severance.

Relief under section 2642(g)(1).

Generation assignment.

Individual assigned to more than 1 generation.

Effective dates.

Transferor defined; other definitions.

Special election for qualified terminable interest property.

Taxation of multiple skips.

Certain trusts treated as separate trusts.

Generation-skipping transfer tax return requirements.

Recapture tax under section 2032A.

Application of chapter 13 to transfers by nonresidents not citizens of the United States.

Requirement of statement disclosing participation in certain transactions by taxpayers.

Reporting requirements for tax return preparers.

Automatic extension of time for filing generation-skipping transfer tax returns.

Tax return preparer must furnish copy of return to taxpayer and must retain a copy or record.

Tax return preparers furnishing identifying numbers for returns or claims for refund.

Section 6694 penalties applicable to tax return preparer.

Penalties for understatement due to an unreasonable position.

Penalty for understatement due to willful, reckless, or intentional conduct.

Extension of period of collection when preparer pays 15 percent of a penalty for understatement of taxpayer's liability and certain other procedural matters.

Other assessable penalties with respect to the preparation of tax returns for other persons.

Claims for credit or refund by tax return preparers.

Tax return preparer.

Definitions; spouse, husband and wife, husband, wife, marriage.