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26 U.S.C. § 671 — Trust income, deductions, and credits attributable to grantors and others as substantial owners
Federal law — U.S. Code and appendices · legal_authorities
Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor or the other person those items of income, deductions, and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under this chapter in computing taxable income or credits against the tax of an individual. Any remaining portion of the trust shall be subject to subparts A through D. No items of a trust shall be included in computing the taxable income and credits of the grantor or of any other person solely on the grounds of his dominion and control over the trust under section 61 (relating to definition of gross income) or any other provision of this title, except as specified in this subpart.
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Source file: Laws/federal/codes/united-states-code/title-26/section-671-trust-income-deductions-and-credits-attributable-to-grantors-and-others--afc896e98c.md
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Source location: Title 26, Chapter 1, § 671; chapter-001-normal-taxes-and-surtaxes.md
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Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor or the other person those items of income, deductions, and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under this chapter in computing taxable income or credits against the tax of an individual. Any remaining portion of the trust shall be subject to subparts A through D. No items of a trust shall be included in computing the taxable income and credits of the grantor or of any other person solely on the grounds of his dominion and control over the trust under section 61 (relating to definition of gross income) or any other provision of this title, except as specified in this subpart.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Nonrecognition of gain or loss from exchanges solely in kind**
(1) **In general** — No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.
(2) **Exception for real property held for sale** — This subsection shall not apply to any exchange of real property held primarily for sale.
(3) **Requirement that property be identified and that exchange be completed not more than 180 days after transfer of exchanged property** — For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if—
(A) such property is not identified as property to be received in the exchange on or before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(B) such property is received after the earlier of—
(i) the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(ii) the due date (determined with regard to extension) for the transferor’s return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs.
**(b) Gain from exchanges not solely in kind** If an exchange would be within the provisions of subsection (a), of section 1035(a), of section 1036(a), or of section 1037(a), if it were not for the fact that the property received in exchange consists not only of property permitted by such provisions to be received without the recognition of gain, but also of other property or money, then t
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Federal law — U.S. Code and appendices · legal_authorities
Page 1844
TITLE 26—INTERNAL REVENUE CODE
[§ 669
distributed net income, other than a taxable
year during all of which the beneficiary re-
ceiving the distribution was not a citizen or
resident of the United States.
(5) Determination of undistributed net income
Notwithstanding section 666, for purposes of
this subsection, an accumulation distribution
from the trust shall be treated as reducing
proportionately the undistributed net income
for undistributed income years.
(6) Periods before 1996
Interest for the portion of the period de-
scribed in paragraph (2) which occurs before
January 1, 1996, shall be determined—
(A) by using an interest rate of 6 percent,
and
(B) without compounding until January 1,
1996.
(b) Limitation
The total amount of the interest charge shall
not, when added to the total partial tax com-
puted under section 667(b), exceed the amount of
the accumulation distribution (other than the
amount of tax deemed distributed by section
666(b) or (c)) in respect of which such partial tax
was determined.
(c) Interest charge not deductible
The interest charge determined under this sec-
tion shall not be allowed as a deduction for pur-
poses of any tax imposed by this title.
(Added Pub. L. 94–455, title X, § 1014(b), Oct. 4,
1976, 90 Stat. 1617; amended Pub. L. 101–508, title
XI, § 11802(f)(3), Nov. 5, 1990, 104 Stat. 1388–530;
Pub. L. 104–188, title I, § 1906(a), Aug. 20, 1996, 110
Stat. 1914.)
Editorial Notes
PRIOR PROVISIONS
A prior section 668, acts Aug. 16, 1954, ch. 736, 68A
Stat. 225; Oct. 16, 1962, Pub. L. 87–834, § 7(d), 76 Stat. 986;
Dec. 30, 1969, Pub. L. 91–172, title III, § 331(a), 83 Stat.
594, related to treatment of amounts deemed distrib-
uted in preceding years, prior to repeal by Pub. L.
94–455, title VII, §
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 671
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