GST Tax Simplification Act of 1984

[AI summary unavailable — showing source text] GST Tax Simplification Act of 1984 - Amends the Internal Revenue Code to provide a flat rate of tax on every generation-skipping transfer. Provides that the liability for the tax shall be that of the transferee except in the case of taxable terminations, where the liability will be that of the trustee, or in the case of a direct skip, where the liability will be that of the transferor. Permits a credit for any generation-skipping transfer tax paid to any State with respect to any property subject to this tax if such transfer occurs at the time of death or as a result of death of an individual. Defines the terms "generation-skipping transfer," "taxable distributions," "taxable terminations," and "direct skip" for purposes of this Act. Describes the method for determining the taxable amount where there is a taxable distribution, a taxable termination, or a direct skip. Requires that property be valued as of the time of the generation-skipping transfer. Allows for certain instances of alternate valuation. Allows a special $10,000 per year exemption for certain otherwise taxable distributions from trusts. Establishes rules to be followed to qualify for this special exemption. Provides …