Browse Arkansas Code titles and sections
26-51-309. Charitable remainder trusts.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-309. Charitable remainder trusts.
(a) Title 26 U.S.C. § 664, as in effect on January 1, 2017, and the regulations of the United States Secretary of the Treasury promulgated under 26 U.S.C. § 664 and in effect on January 1, 2017, are adopted for the purpose of computing the tax liability of charitable remainder trusts and their beneficiaries under the Income Tax Act of 1929, § 26-51-101 et seq.
(b) Furthermore, any other provision of the federal income tax law and regulations which are necessary for interpreting and implementing 26 U.S.C. § 664 are adopted to the extent as in effect on January 1, 2017.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-309
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:26-51-309
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b8550fb20c1319d7ed59ea9cdbafeb1deedb71f6cf06fc0b1260db195f7d6ab7
Source location: content.xml paragraph 11865
Stored source content
26-51-309. Charitable remainder trusts.
(a) Title 26 U.S.C. § 664, as in effect on January 1, 2017, and the regulations of the United States Secretary of the Treasury promulgated under 26 U.S.C. § 664 and in effect on January 1, 2017, are adopted for the purpose of computing the tax liability of charitable remainder trusts and their beneficiaries under the Income Tax Act of 1929, § 26-51-101 et seq.
(b) Furthermore, any other provision of the federal income tax law and regulations which are necessary for interpreting and implementing 26 U.S.C. § 664 are adopted to the extent as in effect on January 1, 2017.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Notwithstanding any other provision of this subchapter, the provisions of this section shall, in accordance with regulations prescribed by the Secretary, apply in the case of a charitable remainder annuity trust and a charitable remainder unitrust.
**(b) Character of distributions** Amounts distributed by a charitable remainder annuity trust or by a charitable remainder unitrust shall be considered as having the following characteristics in the hands of a beneficiary to whom is paid the annuity described in subsection (d)(1)(A) or the payment described in subsection (d)(2)(A):
(1) First, as amounts of income (other than gains, and amounts treated as gains, from the sale or other disposition of capital assets) includible in gross income to the extent of such income of the trust for the year and such undistributed income of the trust for prior years;
(2) Second, as a capital gain to the extent of the capital gain of the trust for the year and the undistributed capital gain of the trust for prior years;
(3) Third, as other income to the extent of such income of the trust for the year and such undistributed income of the trust for prior years; and
(4) Fourth, as a distribution of trust corpus.
For purposes of this section, the trust shall determine the amount of its undistributed capital gain on a cumulative net basis.
**(c) Taxation of trusts**
(1) **Income tax** — A charitable remainder annuity trust and a charitable remainder unitrust shall, for any taxable year, not be subject to any tax imposed by this subtitle.
(2) **Excise tax**
(A) *In general* — In the case of a charitable remainder annuity trust or a charitable remainder unitrust which has unrelated business taxable income (within the meaning of section 512, determined as if part II
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 664
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 664. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1832
TITLE 26—INTERNAL REVENUE CODE
§ 664
credited as a gift or bequest of a specific sum
of money or of specific property and which is
paid or credited all at once or in not more
than 3 installments. For this purpose an
amount which can be paid or credited only
from the income of the estate or trust shall
not be considered as a gift or bequest of a spe-
cific sum of money.
(2) Charitable, etc., distributions
Any amount paid or permanently set aside
or otherwise qualifying for the deduction pro-
vided in section 642(c) (computed without re-
gard to sections 508(d), 681, and 4948(c)(4)).
(3) Denial of double deduction
Any amount paid, credited, or distributed in
the taxable year, if section 651 or section 661
applied to such amount for a preceding taxable
year of an estate or trust because credited or
required to be distributed in such preceding
taxable year.
(b) Distributions in first sixty-five days of tax-
able year
(1) General rule
If within the first 65 days of any taxable
year of an estate or a trust, an amount is
properly paid or credited, such amount shall
be considered paid or credited on the last day
of the preceding taxable year.
(2) Limitation
Paragraph (1) shall apply with respect to any
taxable year of an estate or a trust only if the
executor of such estate or the fiduciary of
such trust (as the case may be) elects, in such
manner and at such time as the Secretary pre-
scribes by regulations, to have paragraph (1)
apply for such taxable year.
(c) Separate shares treated as separate estates or
trusts
For the sole purpose of determining the
amount of distributable net income in the appli-
cation of sections 661 and 662, in the case of a
single trust having more than one beneficiary,
substantially separate and independ
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 664
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 664. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.