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26 U.S.C. § 669 — Repealed. Pub. L. 94–455, title VII, § 701(d)(1), Oct. 4, 1976, 90 Stat. 1578]
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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Source file: Laws/federal/codes/united-states-code/title-26/section-669-repealed-pub-l-94455-title-vii-701-d-1-oct-4-1976-90-stat-1578--3b57c8e1ab.md
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Source location: Title 26, Chapter 1, § 669; chapter-001-normal-taxes-and-surtaxes.md
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### 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
**(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)
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 667
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 643
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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. § 669
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