(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.
Amended 2001
- 2001 Pub. L. 107-16 Pub. L. 107–16, § 521(c)(1), substituted “amount” for “of $1,000,000”.
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(b) Allocations irrevocable Any allocation under subsection (a), once made, shall be irrevocable.
(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.
Amended 1997, 1998, 2001, 2010
- 2010 Pub. L. 111-312 Pub. L. 111–312 substituted “the basic exclusion amount” for “the applicable exclusion amount”.
- 2001 Pub. L. 107-16 Pub. L. 107–16, § 521(c)(2), amended heading and text of subsec. (c) generally, substituting provisions relating to the GST exemption amount for any calendar year for provisions which related to inflation adjustment of the $1,000,000 amount contained in subsec. (a) in the case of any calendar year after 1998 and applicability of any increase for any such calendar year.
- 1998 Pub. L. 105-206 Pub. L. 105–206 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “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.”
- 1997 Pub. L. 105-34 Pub. L. 105–34 added subsec. (c).