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26 U.S.C. § 683 — Use of trust as an exchange fund

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 683 — Use of trust as an exchange fund

**(a) General rule** Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor. **(b) Exception for pooled income funds** Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).

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Source location: Title 26, Chapter 1, § 683; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 584 — Common trust funds

**(a) Definitions** For purposes of this subtitle, the term “common trust fund” means a fund maintained by a bank— (1) exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity— (A) as a trustee, executor, administrator, or guardian, or (B) as a custodian of accounts— (i) which the Secretary determines are established pursuant to a State law which is substantially similar to the Uniform Gifts to Minors Act as published by the American Law Institute, and (ii) with respect to which the bank establishes, to the satisfaction of the Secretary, that it has duties and responsibilities similar to duties and responsibilities of a trustee or guardian; and (2) in conformity with the rules and regulations, prevailing from time to time, of the Board of Governors of the Federal Reserve System or the Comptroller of the Currency pertaining to the collective investment of trust funds by national banks. For purposes of this subsection, two or more banks which are members of the same affiliated group (within the meaning of section 1504) shall be treated as one bank for the period of affiliation with respect to any fund of which any of the member banks is trustee or two or more of the member banks are cotrustees. **(b) Taxation of common trust funds** A common trust fund shall not be subject to taxation under this chapter and for purposes of this chapter shall not be considered a corporation. **(c) Income of participants in fund** Each participant in the common trust fund in computing its taxable income shall include, whether or not distributed and whether or not distributable— (1) as part of its gains and losses from sales or exchanges of capital assets held for not more than 1 year, its proportionate share of

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 691 — Recipients of income in respect of decedents

**(a) Inclusion in gross income** (1) **General rule** — The amount of all items of gross income in respect of a decedent which are not properly includible in respect of the taxable period in which falls the date of his death or a prior period (including the amount of all items of gross income in respect of a prior decedent, if the right to receive such amount was acquired by reason of the death of the prior decedent or by bequest, devise, or inheritance from the prior decedent) shall be included in the gross income, for the taxable year when received, of: (A) the estate of the decedent, if the right to receive the amount is acquired by the decedent’s estate from the decedent; (B) the person who, by reason of the death of the decedent, acquires the right to receive the amount, if the right to receive the amount is not acquired by the decedent’s estate from the decedent; or (C) the person who acquires from the decedent the right to receive the amount by bequest, devise, or inheritance, if the amount is received after a distribution by the decedent’s estate of such right. (2) **Income in case of sale, etc.** — If a right, described in paragraph (1), to receive an amount is transferred by the estate of the decedent or a person who received such right by reason of the death of the decedent or by bequest, devise, or inheritance from the decedent, there shall be included in the gross income of the estate or such person, as the case may be, for the taxable period in which the transfer occurs, the fair market value of such right at the time of such transfer plus the amount by which any consideration for the transfer exceeds such fair market value. For purposes of this paragraph, the term “transfer” includes sale, exchange, or other disposition, or the satisfaction of

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 683 — Use of trust as an exchange fund

Page 1854 TITLE 26—INTERNAL REVENUE CODE § 681 funded branch plans, and time and manner for making elections, see section 2(e) of Pub. L. 96–603, set out as an Effective Date note under section 404A of this title. EFFECTIVE DATE Pub. L. 94–455, title X, § 1013(f)(1), Oct. 4, 1976, 90 Stat. 1616, provided that: ‘‘The amendments made by this section (other than subsection (c)) [enacting this sec- tion and amending sections 643, 678, 6048, and 6678 of this title] shall apply to taxable years ending after De- cember 31, 1975, but only in the case of— ‘‘(A) foreign trusts created after May 21, 1974, and ‘‘(B) transfers of property to foreign trusts after May 21, 1974.’’ SUBPART F—MISCELLANEOUS Sec. 681. Limitation on charitable deduction. [682. Repealed.] 683. Use of trust as an exchange fund. 684. Recognition of gain on certain transfers to certain foreign trusts and estates. 685. Treatment of funeral trusts. Editorial Notes AMENDMENTS 2017—Pub. L. 115–97, title I, § 11051(b)(1)(C), Dec. 22, 2017, 131 Stat. 2089, struck out item 682 ‘‘Income of an estate or trust in case of divorce, etc.’’ 2010—Pub. L. 111–312, title III, § 301(a), Dec. 17, 2010, 124 Stat. 3300, amended analysis to read as if amend- ment by Pub. L. 107–16, § 542(e)(1)(D), had never been en- acted. See 2001 Amendment note below. 2001—Pub. L. 107–16, title V, § 542(e)(1)(D), June 7, 2001, 115 Stat. 85, inserted ‘‘and nonresident aliens’’ after ‘‘estates’’ in item 684. 1997—Pub. L. 105–34, title XI, § 1131(c)(6), title XIII, § 1309(b), Aug. 5, 1997, 111 Stat. 980, 1043, added items 684 and 685. 1976—Pub. L. 94–455, title XXI, § 2131(e)(2), Oct. 4, 1976, 90 Stat. 1924, substituted ‘‘Use of trust as an exchange fund’’ for ‘‘Applicability of provisions’’ in item 683. § 681. Lim

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