GST Tax Simplification Act of 1984

[AI summary unavailable — showing source text] GST Tax Simplification Act of 1984 - Amends the Internal Revenue Code to impose a separate tax on three forms of generation-skipping transfers: (1) taxable distributions; (2) taxable terminations; and (3) outright skips. Provides that the rate of tax on these generation-skipping transfers will be equal to the maximum unified Federal estate and gift tax rate. Allows every transferor to take a credit of $417,000 against the generation-skipping transfers during the transferor's life. Sets forth rules for the allocation of such credit. Defines "taxable distribution," "taxable termination," and "outright skips" for purposes of this Act. Levies a gift tax on taxable distributions. Provides that the trustee making the distribution is liable for the payment of the tax. Permits the distributee to elect to pay the tax. Denies the taxable distribution eligibility for the annual gift tax exclusion. Permits an income tax deduction for a percentage of the taxable distribution includible in the gross income of the distributee. Imposes a surtax on every outright generation skip. Makes the transferor liable for the payment of this tax. Imposes an estate tax on every taxable termination. Provides th…