Taxable termination; taxable distribution; direct skip
United States Code
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Frequently CitedTop 22% most-cited · cited by 13 decisions
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Courts citing this statute
Most recently cited by10
- 2021Rayford v. La Petite Academy, Inc. N.D. Ill.
- 2020dela Cruz v. Brennan N.D. Cal.
- 2020Nwoke v. The University of Chicago Medical Center N.D. Ill.
- 2019Haworth v. Round Lake Area Schools Community Unit School District 116 N.D. Ill.
- 2014Holliday v. Board of Supervisors of LSU Agricultural & Mechanical College La.
- 2009Estate of Timken v. United States N.D. Ohio
- 2008Townsend-Taylor v. Ameritech Services, Inc. 7th Cir.
- 2006Metzler v. Federal Home Loan Bank 10th Cir.
- 2005Johnson v. Mithun D. Minn.
- 2001Whitaker v. Bosch Braking Systems Division of Robert Bosch Corp. W.D. Mich.
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immediately after such termination, a non-skip person has an interest in such property, or at no time after such termination may a distribution (including distributions on termination) be made from such trust to a skip person. If, upon the termination of an interest in property held in trust by reason of the death of a lineal descendant of the transferor, a specified portion of the trust’s assets are distributed to 1 or more skip persons (or 1 or more trusts for the exclusive benefit of such persons), such termination shall constitute a taxable termination with respect to such portion of the trust property. For purposes of this chapter, the term “taxable distribution” means any distribution from a trust to a skip person (other than a taxable termination or a direct skip). The term “direct skip” means a transfer subject to a tax imposed by chapter 11 or 12 of an interest in property to a skip person. Solely for purposes of determining whether any transfer to a trust is a direct skip, the rules of section 2651(f)(2) shall not apply. For purposes of this chapter, the term “taxable termination” means the termination (by death, lapse of time, release of power, or otherwise) of an interest in property held in a trust unless— For purposes of this chapter— (Source: (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1883; amended Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2719; Pub. L. 100–647, title I, § 1014(g)(5)(B), (7), (15), Nov. 10, 1988, 102 Stat. 3564–3566; Pub. L. 105–34, title V, § 511(b), Aug. 5, 1997, 111 Stat. 861.))