Source: http://www.law.cornell.edu/uscode/text/26/663?quicktabs_8=1
Timestamp: 2013-12-19 19:01:31
Document Index: 241037369

Matched Legal Cases: ['§ 663', '§ 663', '§ 663', '§ 101', '§ 331', '§ 1906', '§ 1306', '§ 1306', '§ 1306', '§ 1307', '§ 101', '§ 331']

26 USC § 663 - Special rules applicable to | Title 26 - Internal Revenue Code | U.S. Code | LII / Legal Information Institute
USC › Title 26 › Subtitle A › Chapter 1 › Subchapter J › Part I › Subpart C › § 663 › prevnext
26 USC § 663 - Special rules applicable to US CodeNotesUpdates
There shall not be included as amounts falling within section 661
(a) or 662
Any amount paid or permanently set aside or otherwise qualifying for the deduction provided in section 642
(c) (computed without regard to sections 508
(d), 681, and 4948
Any amount paid, credited, or distributed in the taxable year, if section 651 orsection 661 applied to such amount for a preceding taxable year of an estate or trust because credited or required to be distributed in such preceding taxable year.
(Aug. 16, 1954, ch. 736, 68A Stat. 222; Pub. L. 91–172, title I, § 101(j)(17), title III, § 331(b),Dec. 30, 1969, 83 Stat. 528, 598; Pub. L. 94–455, title XIX, § 1906(b)(13)(A),Oct. 4, 1976, 90 Stat. 1834; Pub. L. 105–34, title XIII, §§ 1306(a), (b), 1307(a), (b),Aug. 5, 1997, 111 Stat. 1041.)
1997—Subsec. (b). Pub. L. 105–34, § 1306(a), inserted “an estate or” before “a trust” in pars. (1) and (2).
Subsec. (b)(2). Pub. L. 105–34, § 1306(b), substituted “the executor of such estate or the fiduciary of such trust (as the case may be)” for “the fiduciary of such trust”.
Subsec. (c). Pub. L. 105–34, § 1307(a), (b), inserted “estates or” before “trusts” in heading, “Rules similar to the rules of the preceding provisions of this subsection shall apply to treat substantially separate and independent shares of different beneficiaries in an estate having more than 1 beneficiary as separate estates.” before last sentence, and “or estates” after “trusts” in last sentence.
1976—Subsecs. (b)(2), (c). Pub. L. 94–455struck out “or his delegate” after “Secretary”.
1969—Subsec. (a)(2). Pub. L. 91–172, § 101(j)(17), substituted “sections 508
(c)(4)” for “section 681”.
Subsec. (b)(2). Pub. L. 91–172, § 331(b), incorporated existing provisions of subpar. (C) of former first sentence making subsec. (b) applicable only to a trust where the fiduciary elected to have the subsec. apply and part of former second sentence making the election applicable in accordance with prescribed regulations; substituted provisions for regulations to spell out manner and time of election for part of former second sentence requiring the election to be made not later than the time prescribed by law for filing the return for the year, including any extension; and omitted: subpars. (A) and (B) of former first sentence which had provided for application of subsec. (b) only to a trust “(A) which was in existence prior to January 1, 1954” and “(B) which, under the terms of its governing instrument, may not distribute in any taxable year amounts in excess of the income of the preceding taxable year”; part of former second sentence which required the election to be made for first taxable year to which this part is applicable; and third sentence that “If such election is made with respect to a taxable year, this subsection shall apply to all amounts properly paid or credited within the first 65 days of all subsequent taxable years of such trust.”
Section 1306(c) ofPub. L. 105–34provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”
Section 1307(c) ofPub. L. 105–34provided that: “The amendments made by this section [amending this section] shall apply to estates of decedents dying after the date of the enactment of this Act [Aug. 5, 1997].”
Amendment by section 101(j)(17) ofPub. L. 91–172effective Jan. 1, 1970, see section 101(k)(1) ofPub. L. 91–172, set out as an Effective Date note under section 4940 of this title.
Amendment by section 331(b) ofPub. L. 91–172applicable to taxable years beginning before Jan. 1, 1970, see section 331(d) ofPub. L. 91–172, set out as a note under section 665 of this title.