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26 U.S.C. § 644 — Taxable year of trusts
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this subtitle, the taxable year of any trust shall be the calendar year.
**(b) Exception for trusts exempt from tax and charitable trusts** Subsection (a) shall not apply to a trust exempt from taxation under section 501(a) or to a trust described in section 4947(a)(1).
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Source location: Title 26, Chapter 1, § 644; chapter-001-normal-taxes-and-surtaxes.md
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**(a) In general** For purposes of this subtitle, the taxable year of any trust shall be the calendar year.
**(b) Exception for trusts exempt from tax and charitable trusts** Subsection (a) shall not apply to a trust exempt from taxation under section 501(a) or to a trust described in section 4947(a)(1).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, if both the executor (if any) of an estate and the trustee of a qualified revocable trust elect the treatment provided in this section, such trust shall be treated and taxed as part of such estate (and not as a separate trust) for all taxable years of the estate ending after the date of the decedent’s death and before the applicable date.
**(b) Definitions** For purposes of subsection (a)—
(1) **Qualified revocable trust** — The term “qualified revocable trust” means any trust (or portion thereof) which was treated under section 676 as owned by the decedent of the estate referred to in subsection (a) by reason of a power in the grantor (determined without regard to section 672(e)).
(2) **Applicable date** — The term “applicable date” means—
(A) if no return of tax imposed by chapter 11 is required to be filed, the date which is 2 years after the date of the decedent’s death, and
(B) if such a return is required to be filed, the date which is 6 months after the date of the final determination of the liability for tax imposed by chapter 11.
**(c) Election** The election under subsection (a) shall be made not later than the time prescribed for filing the return of tax imposed by this chapter for the first taxable year of the estate (determined with regard to extensions) and, once made, shall be irrevocable.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Year in which partnership income is includible** In computing the taxable income of a partner for a taxable year, the inclusions required by section 702 and section 707(c) with respect to a partnership shall be based on the income, gain, loss, deduction, or credit of the partnership for any taxable year of the partnership ending within or with the taxable year of the partner.
**(b) Taxable year**
(1) **Partnership’s taxable year**
(A) *Partnership treated as taxpayer* — The taxable year of a partnership shall be determined as though the partnership were a taxpayer.
(B) *Taxable year determined by reference to partners* — Except as provided in subparagraph (C), a partnership shall not have a taxable year other than—
(i) the majority interest taxable year (as defined in paragraph (4)),
(ii) if there is no taxable year described in clause (i), the taxable year of all the principal partners of the partnership, or
(iii) if there is no taxable year described in clause (i) or (ii), the calendar year unless the Secretary by regulations prescribes another period.
(C) *Business purpose* — A partnership may have a taxable year not described in subparagraph (B) if it establishes, to the satisfaction of the Secretary, a business purpose therefor. For purposes of this subparagraph, any deferral of income to partners shall not be treated as a business purpose.
(2) **Partner’s taxable year** — A partner may not change to a taxable year other than that of a partnership in which he is a principal partner unless he establishes, to the satisfaction of the Secretary, a business purpose therefor.
(3) **Principal partner** — For the purpose of this subsection, a principal partner is a partner having an interest of 5 percent or more in partnership profits or c
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 706
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the taxable year of an S corporation shall be a permitted year.
**(b) Permitted year defined** For purposes of this section, the term “permitted year” means a taxable year which—
(1) is a year ending December 31, or
(2) is any other accounting period for which the corporation establishes a business purpose to the satisfaction of the Secretary.
For purposes of paragraph (2), any deferral of income to shareholders shall not be treated as a business purpose.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The total of the amounts which are treated under section 666 as having been distributed by a trust in a preceding taxable year shall be included in the income of a beneficiary of the trust when paid, credited, or required to be distributed to the extent that such total would have been included in the income of such beneficiary under section 662(a)(2) (and, with respect to any tax-exempt interest to which section 103 applies, under section 662(b)) if such total had been paid to such beneficiary on the last day of such preceding taxable year. The tax imposed by this subtitle on a beneficiary for a taxable year in which any such amount is included in his income shall be determined only as provided in this section and shall consist of the sum of—
(1) a partial tax computed on the taxable income reduced by an amount equal to the total of such amounts, at the rate and in the manner as if this section had not been enacted,
(2) a partial tax determined as provided in subsection (b) of this section, and
(3) in the case of a foreign trust, the interest charge determined as provided in section 668.
**(b) Tax on distribution**
(1) **In general** — The partial tax imposed by subsection (a)(2) shall be determined.
(A) by determining the number of preceding taxable years of the trust on the last day of which an amount is deemed under section 666(a) to have been distributed,
(B) by taking from the 5 taxable years immediately preceding the year of the accumulation distribution the 1 taxable year for which the beneficiary’s taxable income was the highest and the 1 taxable year for which his taxable income was the lowest,
(C) by adding to the beneficiary’s taxable income for each of the 3 taxable years remaining after the application of subparagraph (B)
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Federal law — U.S. Code and appendices · legal_authorities
Page 1826
TITLE 26—INTERNAL REVENUE CODE
§ 644
the Technical and Miscellaneous Revenue Act of 1988,
Pub. L. 100–647, to which such amendment relates, see
section 7817 of Pub. L. 101–239, set out as a note under
section 1 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–647 effective, except as
otherwise provided, as if included in the provision of
the Tax Reform Act of 1986, Pub. L. 99–514, to which
such amendment relates, see section 1019(a) of Pub. L.
100–647, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 301(b)(7) of Pub. L. 99–514 ap-
plicable to taxable years beginning after Dec. 31, 1986,
see section 301(c) of Pub. L. 99–514, set out as a note
under section 62 of this title.
Amendment by section 612(b)(4) of Pub. L. 99–514 ap-
plicable to taxable years beginning after Dec. 31, 1986,
see section 612(c) of Pub. L. 99–514, set out as a note
under section 301 of this title.
Pub. L. 99–514, title XIV, § 1404(d), Oct. 22, 1986, 100
Stat. 2714, provided that: ‘‘The amendments made by
this section [amending this section and sections 6215,
6601, and 6654 of this title and repealing section 6152 of
this title] shall apply to taxable years beginning after
December 31, 1986.’’
Amendment by section 1806(a), (c) of Pub. L. 99–514 ef-
fective, except as otherwise provided, as if included in
the provisions of the Tax Reform Act of 1984, Pub. L.
98–369, div. A, to which such amendment relates, see
section 1881 of Pub. L. 99–514, set out as a note under
section 48 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Pub. L. 98–369, div. A, title I, § 81(b), July 18, 1984, 98
Stat. 598, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986,
100 Stat. 2095, provided that:
‘‘(1) IN
GE
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 644
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