---
kind: "section"
citation: "26 U.S.C. § 2624"
title: "26"
title_heading: "Internal Revenue Code"
number: "2624"
heading: "Valuation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/2624"
units:
  - "Subtitle B — Estate and Gift Taxes"
  - "Chapter 13 — Tax on Generation-Skipping Transfers"
  - "Subchapter C — Taxable Amount"
---

# §2624. Valuation

- (a) **General rule—** Except as otherwise provided in this chapter, property shall be valued as of the time of the [generation-skipping transfer](/usc/26/2611.md?p=a).
- (b) **Alternate valuation and special use valuation elections apply to certain direct skips—** In the case of any direct skip of property which is included in the [transferor](/usc/26/2652.md?p=a-1)’s gross estate, the value of such property for purposes of this chapter shall be the same as its value for purposes of [chapter 11](/usc/26/chstB/ch11.md) (determined with regard to sections [2032](/usc/26/2032.md) and [2032A](/usc/26/2032A.md)).
- (c) **Alternate valuation election permitted in the case of taxable terminations occurring at death—** If 1 or more taxable terminations with respect to the same [trust](/usc/26/2652.md?p=b-1) occur at the same time as and as a result of the death of an individual, an election may be made to value all of the property included in such terminations in accordance with section 2032.
- (d) **Reduction for consideration provided by trans­feree—** For purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.

## Source credit

(Added Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2721.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after Oct. 22, 1986, except as otherwise provided, see section 1433 of Pub. L. 99–514, set out as a note under section 2601 of this title.