Election Out of Generation-Skipping Transfer (GST)Tax Deemed Allocations

The information collected will be used by the IRS to identify the trusts to which the election or termination of election will apply. The collection of information in this regulation is in sections 26.2632-1(b)(2)(ii), 26.2632-1(b)(2)(iii), and 26.2632-1(b)(2). This information is required by the IRS for taxpayers who elect to have the automatic allocation rules not apply to the current transfer and/or to future transfers to the trust or to terminate such election. This information is also required by the IRS for taxpayers who elect to treat trusts described in section 2632(c)(3)(B)(i) through (vi) as GST trusts or to terminate such election.

The latest form for Election Out of Generation-Skipping Transfer (GST)Tax Deemed Allocations expires 2021-02-28 and can be found here.