§ 2622. Taxable amount in case of taxable termination

• (a) For purposes of this chapter, the taxable amount in the case of a taxable termination shall be—
  • (1) the value of all property with respect to which the taxable termination has occurred, reduced by
  • (2) any deduction allowed under subsection (b).
• (b) For purposes of subsection (a), there shall be allowed a deduction similar to the deduction allowed by section 2053 (relating to expenses, indebtedness, and taxes) for amounts attributable to the property with respect to which the taxable termination has occurred.