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26 U.S.C. § 643 — Definitions applicable to subparts A, B, C, and D
Federal law — U.S. Code and appendices · legal_authorities
**(a) Distributable net income** For purposes of this part, the term “distributable net income” means, with respect to any taxable year, the taxable income of the estate or trust computed with the following modifications—
(1) **Deduction for distributions** — No deduction shall be taken under sections 651 and 661 (relating to additional deductions).
(2) **Deduction for personal exemption** — No deduction shall be taken under section 642(b) (relating to deduction for personal exemptions).
(3) **Capital gains and losses** — Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c). Losses from the sale or exchange of capital assets shall be excluded, except to the extent such losses are taken into account in determining the amount of gains from the sale or exchange of capital assets which are paid, credited, or required to be distributed to any beneficiary during the taxable year. The exclusion under section 1202 shall not be taken into account.
(4) **Extraordinary dividends and taxable stock dividends** — For purposes only of subpart B (relating to trusts which distribute current income only), there shall be excluded those items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, does not pay or credit to any beneficiary by reason of his determination that such dividends are allocable to corpus under the terms of the governing instrument and applicable local law.
(5) **Tax-exempt interest** — There shall be included any tax-exempt inter
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Source file: Laws/federal/codes/united-states-code/title-26/section-643-definitions-applicable-to-subparts-a-b-c-and-d--e1305d9f16.md
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Source location: Title 26, Chapter 1, § 643; chapter-001-normal-taxes-and-surtaxes.md
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**(a) Distributable net income** For purposes of this part, the term “distributable net income” means, with respect to any taxable year, the taxable income of the estate or trust computed with the following modifications—
(1) **Deduction for distributions** — No deduction shall be taken under sections 651 and 661 (relating to additional deductions).
(2) **Deduction for personal exemption** — No deduction shall be taken under section 642(b) (relating to deduction for personal exemptions).
(3) **Capital gains and losses** — Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c). Losses from the sale or exchange of capital assets shall be excluded, except to the extent such losses are taken into account in determining the amount of gains from the sale or exchange of capital assets which are paid, credited, or required to be distributed to any beneficiary during the taxable year. The exclusion under section 1202 shall not be taken into account.
(4) **Extraordinary dividends and taxable stock dividends** — For purposes only of subpart B (relating to trusts which distribute current income only), there shall be excluded those items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, does not pay or credit to any beneficiary by reason of his determination that such dividends are allocable to corpus under the terms of the governing instrument and applicable local law.
(5) **Tax-exempt interest** — There shall be included any tax-exempt interest to which section 103 applies, reduced by any amounts which would be deductible in respect of disbursements allocable to such interest but for the provisions of section 265 (relating to disallowance of certain deductions).
(6) **Income of foreign trust** — In the case of a foreign trust—
(A) There shall be included the amounts of gross income from sources without the United States, reduced by any amounts which would be deductible in respect of disbursements allocable to such income but for the provisions of section 265(a)(1) (relating to disallowance of certain deductions).
(B) Gross income from sources within the United States shall be determined without regard to section 894 (relating to income exempt under treaty).
(C) Paragraph (3) shall not apply to a foreign trust. In the case of such a trust, there shall be included gains from the sale or exchange of capital assets, reduced by losses from such sales or exchanges to the extent such losses do not exceed gains from such sales or exchanges.
(7) **Abusive transactions** — The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this part, including regulations to prevent avoidance of such purposes.
If the estate or trust is allowed a deduction under section 642(c), the amount of the modifications specified in paragraphs (5) and (6) shall be reduced to the extent that the amount of income which is paid, permanently set aside, or to be used for the purposes specified in section 642(c) is deemed to consist of items specified in those paragraphs. For this purpose, such amount shall (in the absence of specific provisions in the governing instrument) be deemed to consist of the same proportion of each class of items of income of the estate or trust as the total of each class bears to the total of all classes.
**(b) Income** For purposes of this subpart and subparts B, C, and D, the term “income”, when not preceded by the words “taxable”, “distributable net”, “undistributed net”, or “gross”, means the amount of income of the estate or trust for the taxable year determined under the terms of the governing instrument and applicable local law. Items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law shall not be considered income.
**(c) Beneficiary** For purposes of this part, the term “beneficiary” includes heir, legatee, devisee.
**(d) Coordination with back-up withholding** Except to the extent otherwise provided in regulations, this subchapter shall be applied with respect to payments subject to withholding under section 3406—
(1) by allocating between the estate or trust and its beneficiaries any credit allowable under section 31(c) (on the basis of their respective shares of any such payment taken into account under this subchapter),
(2) by treating each beneficiary to whom such credit is allocated as if an amount equal to such credit has been paid to him by the estate or trust, and
(3) by allowing the estate or trust a deduction in an amount equal to the credit so allocated to beneficiaries.
**(e) Treatment of property distributed in kind**
(1) **Basis of beneficiary** — The basis of any property received by a beneficiary in a distribution from an estate or trust shall be—
(A) the adjusted basis of such property in the hands of the estate or trust immediately before the distribution, adjusted for
(B) any gain or loss recognized to the estate or trust on the distribution.
(2) **Amount of distribution** — In the case of any distribution of property (other than cash), the amount taken into account under sections 661(a)(2) and 662(a)(2) shall be the lesser of—
(A) the basis of such property in the hands of the beneficiary (as determined under paragraph (1)), or
(B) the fair market value of such property.
(3) **Election to recognize gain**
(A) *In general* — In the case of any distribution of property (other than cash) to which an election under this paragraph applies—
(i) paragraph (2) shall not apply,
(ii) gain or loss shall be recognized by the estate or trust in the same manner as if such property had been sold to the distributee at its fair market value, and
(iii) the amount taken into account under sections 661(a)(2) and 662(a)(2) shall be the fair market value of such property.
(B) *Election* — Any election under this paragraph shall apply to all distributions made by the estate or trust during a taxable year and shall be made on the return of such estate or trust for such taxable year.
Any such election, once made, may be revoked only with the consent of the Secretary.
(4) **Exception for distributions described in section 663(a)** — This subsection shall not apply to any distribution described in section 663(a).
**(f) Treatment of multiple trusts** For purposes of this subchapter, under regulations prescribed by the Secretary, 2 or more trusts shall be treated as 1 trust if—
(1) such trusts have substantially the same grantor or grantors and substantially the same primary beneficiary or beneficiaries, and
(2) a principal purpose of such trusts is the avoidance of the tax imposed by this chapter.
For purposes of the preceding sentence, a husband and wife shall be treated as 1 person.
**(g) Certain payments of estimated tax treated as paid by beneficiary**
(1) **In general** — In the case of a trust—
(A) the trustee may elect to treat any portion of a payment of estimated tax made by such trust for any taxable year of the trust as a payment made by a beneficiary of such trust,
(B) any amount so treated shall be treated as paid or credited to the beneficiary on the last day of such taxable year, and
(C) for purposes of subtitle F, the amount so treated—
(i) shall not be treated as a payment of estimated tax made by the trust, but
(ii) shall be treated as a payment of estimated tax made by such beneficiary on January 15 following the taxable year.
(2) **Time for making election** — An election under paragraph (1) shall be made on or before the 65th day after the close of the taxable year of the trust and in such manner as the Secretary may prescribe.
(3) **Extension to last year of estate** — In the case of a taxable year reasonably expected to be the last taxable year of an estate—
(A) any reference in this subsection to a trust shall be treated as including a reference to an estate, and
(B) the fiduciary of the estate shall be treated as the trustee.
**(h) Distributions by certain foreign trusts through nominees** For purposes of this part, any amount paid to a United States person which is derived directly or indirectly from a foreign trust of which the payor is not the grantor shall be deemed in the year of payment to have been directly paid by the foreign trust to such United States person.
**(i) Loans from foreign trusts** For purposes of subparts B, C, and D—
(1) **General rule** — Except as provided in regulations, if a foreign trust makes a loan of cash or marketable securities (or permits the use of any other trust property) directly or indirectly to or by—
(A) any grantor or beneficiary of such trust who is a United States person, or
(B) any United States person not described in subparagraph (A) who is related to such grantor or beneficiary,
the amount of such loan (or the fair market value of the use of such property) shall be treated as a distribution by such trust to such grantor or beneficiary (as the case may be).
(2) **Definitions and special rules** — For purposes of this subsection—
(A) *Cash* — The term “cash” includes foreign currencies and cash equivalents.
(B) *Related person*
(i) *In general* — A person is related to another person if the relationship between such persons would result in a disallowance of losses under section 267 or 707(b). In applying section 267 for purposes of the preceding sentence, section 267(c)(4) shall be applied as if the family of an individual includes the spouses of the members of the family.
(ii) *Allocation* — If any person described in paragraph (1)(B) is related to more than one person, the grantor or beneficiary to whom the treatment under this subsection applies shall be determined under regulations prescribed by the Secretary.
(C) *Exclusion of tax-exempts* — The term “United States person” does not include any entity exempt from tax under this chapter.
(D) *Trust not treated as simple trust* — Any trust which is treated under this subsection as making a distribution shall be treated as not described in section 651.
(E) *Exception for compensated use of property* — In the case of the use of any trust property other than a loan of cash or marketable securities, paragraph (1) shall not apply to the extent that the trust is paid the fair market value of such use within a reasonable period of time of such use.
(3) **Subsequent transactions** — If any loan (or use of property) is taken into account under paragraph (1), any subsequent transaction between the trust and the original borrower regarding the principal of the loan (by way of complete or partial repayment, satisfaction, cancellation, discharge, or otherwise) or the return of such property shall be disregarded for purposes of this title.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Transferor treated as owner**
(1) **In general** — A United States person who directly or indirectly transfers property to a foreign trust (other than a trust described in section 6048(a)(3)(B)(ii)) shall be treated as the owner for his taxable year of the portion of such trust attributable to such property if for such year there is a United States beneficiary of any portion of such trust.
(2) **Exceptions** — Paragraph (1) shall not apply—
(A) *Transfers by reason of death* — To any transfer by reason of the death of the transferor.
(B) *Transfers at fair market value* — To any transfer of property to a trust in exchange for consideration of at least the fair market value of the transferred property. For purposes of the preceding sentence, consideration other than cash shall be taken into account at its fair market value.
(3) **Certain obligations not taken into account under fair market value exception**
(A) *In general* — In determining whether paragraph (2)(B) applies to any transfer by a person described in clause (ii) or (iii) of subparagraph (C), there shall not be taken into account—
(i) except as provided in regulations, any obligation of a person described in subparagraph (C), and
(ii) to the extent provided in regulations, any obligation which is guaranteed by a person described in subparagraph (C).
(B) *Treatment of principal payments on obligation* — Principal payments by the trust on any obligation referred to in subparagraph (A) shall be taken into account on and after the date of the payment in determining the portion of the trust attributable to the property transferred.
(C) *Persons described* — The persons described in this subparagraph are—
(i) the trust,
(ii) any grantor, owner, or beneficiary of the trust
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the term “adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) **Trade and business deductions** — The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, if such trade or business does not consist of the performance of services by the taxpayer as an employee.
(2) **Certain trade and business deductions of employees**
(A) *Reimbursed expenses of employees* — The deductions allowed by part VI (section 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer. The fact that the reimbursement may be provided by a third party shall not be determinative of whether or not the preceding sentence applies.
(B) *Certain expenses of performing artists* — The deductions allowed by section 162 which consist of expenses paid or incurred by a qualified performing artist in connection with the performances by him of services in the performing arts as an employee.
(C) *Certain expenses of officials* — The deductions allowed by section 162 which consist of expenses paid or incurred with respect to services performed by an official as an employee of a State or a political subdivision thereof in a position compensated in whole or in part on a fee basis.
(D) *Certain expenses of elementary and secondary school teachers* — The deductions allowed by section 162 which consist of expenses, not in excess of $250, paid or incurred by an eligible educator—
(i) by reason of the participation of the educator
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as otherwise provided in this chapter, a distribution of property (as defined in section 317(a)) made by a corporation to a shareholder with respect to its stock shall be treated in the manner provided in subsection (c).
**(b) Amount distributed**
(1) **General rule** — For purposes of this section, the amount of any distribution shall be the amount of money received, plus the fair market value of the other property received.
(2) **Reduction for liabilities** — The amount of any distribution determined under paragraph (1) shall be reduced (but not below zero) by—
(A) the amount of any liability of the corporation assumed by the shareholder in connection with the distribution, and
(B) the amount of any liability to which the property received by the shareholder is subject immediately before, and immediately after, the distribution.
(3) **Determination of fair market value** — For purposes of this section, fair market value shall be determined as of the date of the distribution.
**(c) Amount taxable** In the case of a distribution to which subsection (a) applies—
(1) **Amount constituting dividend** — That portion of the distribution which is a dividend (as defined in section 316) shall be included in gross income.
(2) **Amount applied against basis** — That portion of the distribution which is not a dividend shall be applied against and reduce the adjusted basis of the stock.
(3) **Amount in excess of basis**
(A) *In general* — Except as provided in subparagraph (B), that portion of the distribution which is not a dividend, to the extent that it exceeds the adjusted basis of the stock, shall be treated as gain from the sale or exchange of property.
(B) *Distributions out of increase in value accrued before March 1, 1913* — Th
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Energy credit**
(1) **In general** — For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and (3)(B) of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year.
(2) **Energy percentage**
(A) *In general* — Except as provided in paragraphs (6) and (7), the energy percentage is—
(i) 6 percent in the case of—
(I) qualified fuel cell property,
(II) energy property described in clause (i) or (iii) of paragraph (3)(A) but only with respect to property the construction of which begins before January 1, 2025,
(III) energy property described in paragraph (3)(A)(ii),
(IV) qualified small wind energy property,
(V) waste energy recovery property,
(VI) energy storage technology,
(VII) qualified biogas property,
(VIII) microgrid controllers, and
(IX) energy property described in clauses (v) and (vii) of paragraph (3)(A), and
(ii) in the case of any energy property to which clause (i) does not apply, 0 percent.
(B) *Coordination with rehabilitation credit* — The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures.
(C) *Nonapplication of increases to energy percentage* — For purposes of energy property described in subparagraph (A)(ii), the energy percentage applicable to such property pursuant to such subparagraph shall not be increased or otherwise adjusted by any provision of this section.
(3) **Energy property** — For purposes of this subpart, the term “energy property” means any property—
(A) which is—
(i) equipment which uses solar energy to generate electricity, to he
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** When used in this title, where not otherwise distinctly expressed or manifestly incompatible with the intent thereof—
(1) **Person** — The term “person” shall be construed to mean an+d include an individual, a trust, estate, partnership, association, company or corporation.
(2) **Partnership and partner** — The term “partnership” includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term “partner” includes a member in such a syndicate, group, pool, joint venture, or organization.
(3) **Corporation** — The term “corporation” includes associations, joint-stock companies, and insurance companies.
(4) **Domestic** — The term “domestic” when applied to a corporation or partnership means created or organized in the United States or under the law of the United States or of any State unless, in the case of a partnership, the Secretary provides otherwise by regulations.
(5) **Foreign** — The term “foreign” when applied to a corporation or partnership means a corporation or partnership which is not domestic.
(6) **Fiduciary** — The term “fiduciary” means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person.
(7) **Stock** — The term “stock” includes shares in an association, joint-stock company, or insurance company.
(8) **Shareholder** — The term “shareholder” includes a member in an association, joint-stock company, or insurance company.
(9) **United States** — The term “United States” when used in a geographical sense includes only the States and the District of Columb
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such taxable year.
**(b) Minimum tax credit** For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of—
(1) the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over
(2) the amount allowable as a credit under subsection (a) for such prior taxable years.
**(c) Limitation** The credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of—
(1) the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
(2) the tentative minimum tax for the taxable year.
**(d) Definitions** For purposes of this section—
(1) **Net minimum tax**
(A) *In general* — The term “net minimum tax” means the tax imposed by section 55.
(B) *Credit not allowed for exclusion preferences*
(i) *Adjusted net minimum tax* — The adjusted net minimum tax for any taxable year is—
(I) the amount of the net minimum tax for such taxable year, reduced by
(II) the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii).
(ii) *Specified items* — The following are specified in this clause—
(I) the adjustments provided for in subsection (b)(1) of section 56, and
(II) the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a).
(iii) *Credit allowable for exclusion preferences of corporations* — In the case of a corporation—
(I) the prec
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Treatment of gift loans and demand loans**
(1) **In general** — For purposes of this title, in the case of any below-market loan to which this section applies and which is a gift loan or a demand loan, the forgone interest shall be treated as—
(A) transferred from the lender to the borrower, and
(B) retransferred by the borrower to the lender as interest.
(2) **Time when transfers made** — Except as otherwise provided in regulations prescribed by the Secretary, any forgone interest attributable to periods during any calendar year shall be treated as transferred (and retransferred) under paragraph (1) on the last day of such calendar year.
**(b) Treatment of other below-market loans**
(1) **In general** — For purposes of this title, in the case of any below-market loan to which this section applies and to which subsection (a)(1) does not apply, the lender shall be treated as having transferred on the date the loan was made (or, if later, on the first day on which this section applies to such loan), and the borrower shall be treated as having received on such date, cash in an amount equal to the excess of—
(A) the amount loaned, over
(B) the present value of all payments which are required to be made under the terms of the loan.
(2) **Obligation treated as having original issue discount** — For purposes of this title—
(A) *In general* — Any below-market loan to which paragraph (1) applies shall be treated as having original issue discount in an amount equal to the excess described in paragraph (1).
(B) *Amount in addition to other original issue discount* — Any original issue discount which a loan is treated as having by reason of subparagraph (A) shall be in addition to any other original issue discount on such loan (determined without regard
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts Oct. 16, 1962, Pub. L. 87–834, § 7(e), 76 Stat. 986; Dec. 30, 1969, Pub. L. 91–172, title III, § 331(a), 83 Stat. 596, related to the treatment of capital gain deemed distributed in preceding years.
#### Effective Date of Repeal
Repeal applicable to distributions made in taxable years beginning after Dec. 31, 1975, see section 701(h) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under [section 667 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section667&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 757; Sept. 1, 1954, ch. 1212, § 3, 68 Stat. 1130; Oct. 4, 1976, Pub. L. 94–455, title XIX, § 1906(a)(9), (b)(13)(A), 90 Stat. 1824, 1834; Sept. 3, 1982, Pub. L. 97–248, title II, § 234(b)(1), 96 Stat. 503, related to installment payments of taxes.
#### Effective Date of Repeal
Repeal applicable to taxable years beginning after Dec. 31, 1986, see section 1404(d) of Pub. L. 99–514, set out as an Effective Date of 1986 Amendment note under [section 643 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section643&num=0&edition=prelim).
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