Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
nonskip person.
Tax. A person who is not a skip person for purposes of the generationskipping transfer tax. IRC (26 USCA) § 2613(b). See SHIP PERSON.
skip person
Tax. A beneficiary who is more than one generation removed from the transferor and to whom assets are conveyed in a generation-skipping transfer. IRC (26 USCA! § 2613(a). See GENERATION-SKIPPING TRANSFER. "Since a skip person is necessary to trigger a generationskipping tax, it is important to have a precise definition of skip person.' In most cases, it suffices to say that a skip person is a person who is two or more generations younger than the transferor." John K. McNulty, Federal Estate and Gift Taxation in a Nutshell 63 (5th ed. 1994).