((a)) ** In general** 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)) ** Deduction for certain expenses** 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.