Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
generation-skipping transfer
A conveyance of assets to a person more than one generation removed from the transferor, that is, a skip person. 0 For example, a conveyance either directly or in trust from a grandparent to a grandchild is a generation-skipping transfer subject to a generation-skipping transfer tax. IRC (26 USCA) §§ 2601-2663. See generation skipping transfer tax under TAX; generationskipping trust under TRUST; SKIP PERSON.
generation-skipping transfer tax
A gift or estate tax imposed on a generation-skipping transfer or a generation-skipping trust. - Also termed generation-skipping tax; transfer tax. IRC (26 USCA) §§ 2601-2663. See DIRECT SHIP; GENERATION-SHIPPING TRANSFER; generation-skipping trust under TRUST; TAXABLE DISTRIBUTION; TAXABLE TERMINATION.