26 U.S.C. § 2641
§ 2641. Applicable rate
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
The law as written
Current through Public Law 119-102. Amendment notes omitted.
(a) General rule
For purposes of this chapter, the term “applicable rate” means, with respect to any generation-skipping transfer, the product of—
(1)
the maximum Federal estate tax rate, and
(2)
the inclusion ratio with respect to the transfer.
(b) Maximum Federal estate tax rate
For purposes of subsection (a), the term “maximum Federal estate tax rate” means the maximum rate imposed by section 2001 on the estates of decedents dying at the time of the taxable distribution, taxable termination, or direct skip, as the case may be.