Generation Skipping Transfer Taxes

Definition of "Generation skipping transfer taxes"

Sylvia Costantino
Sylvia Costantino Peoples Choice Realty

Provision under the Internal Revenue Code, Chapter 13, that specifies a transfer tax of 55% of the gift to a person at least two generations younger than the transferor (person who gives the gift). This tax is imposed in addition to any estate taxes or regular gift taxes.

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