PUBLIC LAW 94-455—OCT. 4, 1976
90 STAT. 1881
tion-skipping transfer, but only to the extent of the lesser of— " (i) that portion of such taxes which is levied on such transfer, or " ( i i) the excess of the limitation applicable under section 2011(b) if the adjusted taxable estate of the decedent h a d been increased by the amount of the transfer and all prior generation-skipping transfers to which this subparagraph applied which had the same deemed transferor, over the sum of the amount allowable as a credit under section 2011 with respect to the estate of the decedent plus the aggregate amounts allowable under this subparagraph with respect to such p r i o r generationskipping transfers. "(d)
ALTERNATE V A L U A T I O N. — " (1) IN GENERAL.—In the case of—
" (A) 1 or more generation-skipping transfers from the same t r u s t which have the same deemed transferor and which are taxable terminations occurring at the same time as the death of such deemed transferor; or " (B) 1 or more generation-skipping transfers from the same trust with different deemed transferors— " (i) which are taxable terminations occurring on the same d a y; and " ( i i) which would, but for section 2613(b)(2), have occurred at the same time as the death of the individuals who are the deemed transferors with respect to the transfers; the trustee may elect to value all of the property transferred in such transfers in accordance with section 2032. " (2) SPECIAL RULES.—If the trustee makes an election under paragraph (1) with respect to any generation-skipping transfer, section 2032 shall be applied by taking into account (in lieu of the date of the decedent's death) the following date: " (A) in the case of any generation-skipping transfer described in paragraph (1)(A), the date of the death of the deemed transferor described in such paragraph, or " (B) in the case of any generation-skipping transfer described in paragraph (1)(B), the date on which such transfer occurred. "(e)
TRANSFERS W I T H I N 3 YEARS or
D E A T H or
DEEMED T R A N S -
FEROR.—Under regulations prescribed by the Secretary, the principles of section 2035 shall apply with respect to transfers made during the 3-year period ending on the date of the deemed transferor's death. I n the case of any transfer to which this subsection applies, the amount of the tax imposed by this chapter shall be determined as if the transfer occurred after the death of the deemed transferor and a p p r o p r i a t e adjustments shall be made with respect to the amount of any p r i o r transfer which is taken into account under subparagraph (B) or (C) of subsection (a)(1). "SEC. 2603. LIABILITY FOR TAX. 26 USC 2603. "(a)
PERSONAL L I A B I L I T Y. —
" (1) IN GENERAL.—If the tax imposed by section 2601 is not Ante, p. 1879. paid, when due then— " (A) except to the extent provided in paragraph (2), the trustee shall be personally liable for any portion of such tax which is attributable to a taxable termination, and
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