Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-j/part-i/subpart-a/sec.-643/
Timestamp: 2020-04-01 12:57:20
Document Index: 632138063

Matched Legal Cases: ['§ 643', '§7', '§1013', '§404', '§301', '§302', '§103', '§102', '§81', '§722', '§301', '§612', '§1404', '§1806', '§1014', '§7811', '§13113', '§1904', '§533', '§ 643', '§643', '§7', '§1013', '§404', '§301', '§302', '§103', '§102', '§81', '§722', '§301', '§612', '§1404', '§1806', '§1014', '§7811', '§13113', '§1904', '§533', '§533', '§533', '§7811', '§7811', '§7811', '§1014', '§1014', '§301', '§612', '§1806', '§1806', '§1806', '§1404', '§301', '§301', '§1013', '§7', '§533', '§1904', '§1906', '§1404', '§81', '§2', '§82', '§1806', '§722', '§1013', '§7', '§1018']

26 U.S.C. § 643 (2015) - Definitions applicable to subparts A, B, C, andD :: Title 26 - Internal Revenue Code (Sections 1 - 9834) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 26 - Internal Revenue Code (Sections 1 - 9834) Subtitle A - Income Taxes (Sections 1 - 1564) Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3) Subchapter J - Estates, Trusts, Beneficiaries, and Decedents (Sections 641 - 692) Part I - Estates, Trusts, and Beneficiaries (Sections 641 - 685) Subpart A - General Rules for Taxation of Estates and Trusts (Sections 641 - 646) Sec. 643 - Definitions applicable to subparts A, B, C, andD
Subchapter J - Estates, Trusts, Beneficiaries, and Decedents (Sections 641 - 692)
Part I - Estates, Trusts, and Beneficiaries (Sections 641 - 685)
Subpart A - General Rules for Taxation of Estates and Trusts (Sections 641 - 646)
Sec. 643 - Definitions applicable to subparts A, B, C, andD
Subpart A - General Rules for Taxation of Estates and Trusts
Contains section 643
Source Credit Aug. 16, 1954, ch. 736, 68A Stat. 217; Pub. L. 87-834, §7(a), Oct. 16, 1962, 76 Stat. 985; Pub. L. 94-455, title X, §1013(c), (e)(2), Oct. 4, 1976, 90 Stat. 1615, 1616; Pub. L. 96-223, title IV, §404(b)(4), Apr. 2, 1980, 94 Stat. 306; Pub. L. 97-34, title III, §301(b)(4), (6)(B), Aug. 13, 1981, 95 Stat. 270; Pub. L. 97-248, title III, §§302(b)(1), 308(a), Sept. 3, 1982, 96 Stat. 586, 591; Pub. L. 97-448, title I, §103(a)(3), Jan. 12, 1983, 96 Stat. 2375; Pub. L. 98-67, title I, §102(a), Aug. 5, 1983, 97 Stat. 369; Pub. L. 98-369, div. A, title I, §§81(a), 82(a), title VII, §722(h)(3), July 18, 1984, 98 Stat. 597, 598, 975; Pub. L. 99-514, title III, §301(b)(7), title VI, §612(b)(4), title XIV, §1404(b), title XVIII, §1806(a), (c), Oct. 22, 1986, 100 Stat. 2217, 2250, 2713, 2810, 2811; Pub. L. 100-647, title I, §1014(d)(3), (4), Nov. 10, 1988, 102 Stat. 3561; Pub. L. 101-239, title VII, §7811(b), (f)(1), Dec. 19, 1989, 103 Stat. 2406, 2409; Pub. L. 103-66, title XIII, §13113(d)(3), Aug. 10, 1993, 107 Stat. 430; Pub. L. 104-188, title I, §§1904(c)(1), 1906(b), (c)(1), Aug. 20, 1996, 110 Stat. 1912, 1915; Pub. L. 111-147, title V, §533(a), (b), (d), Mar. 18, 2010, 124 Stat. 114.
Statutes at Large References 76 Stat. 985, 989
90 Stat. 1615, 1617
94 Stat. 306
95 Stat. 270
96 Stat. 586, 2375
97 Stat. 369
98 Stat. 597, 598, 976
100 Stat. 2217, 2095, 2714, 2811
102 Stat. 3561, 3581
103 Stat. 2406
107 Stat. 430
110 Stat. 1912, 1916
124 Stat. 114
Public and Private Laws Public Law 87-834, Public Law 94-455, Public Law 96-223, Public Law 97-34, Public Law 97-248, Public Law 97-448, Public Law 98-67, Public Law 98-369, Public Law 99-514, Public Law 100-647, Public Law 101-239, Public Law 103-66, Public Law 104-188, Public Law 111-147
26 U.S.C. § 643 (2015)
§643. Definitions applicable to subparts A, B, C, and D(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—
(e) Treatment of property distributed in kind(1) Basis of beneficiary
(3) Election to recognize gain(A) In general
(g) Certain payments of estimated tax treated as paid by beneficiary(1) In general
(B) Related person(i) In general
(Aug. 16, 1954, ch. 736, 68A Stat. 217; Pub. L. 87–834, §7(a), Oct. 16, 1962, 76 Stat. 985; Pub. L. 94–455, title X, §1013(c), (e)(2), Oct. 4, 1976, 90 Stat. 1615, 1616; Pub. L. 96–223, title IV, §404(b)(4), Apr. 2, 1980, 94 Stat. 306; Pub. L. 97–34, title III, §301(b)(4), (6)(B), Aug. 13, 1981, 95 Stat. 270; Pub. L. 97–248, title III, §§302(b)(1), 308(a), Sept. 3, 1982, 96 Stat. 586, 591; Pub. L. 97–448, title I, §103(a)(3), Jan. 12, 1983, 96 Stat. 2375; Pub. L. 98–67, title I, §102(a), Aug. 5, 1983, 97 Stat. 369; Pub. L. 98–369, div. A, title I, §§81(a), 82(a), title VII, §722(h)(3), July 18, 1984, 98 Stat. 597, 598, 975; Pub. L. 99–514, title III, §301(b)(7), title VI, §612(b)(4), title XIV, §1404(b), title XVIII, §1806(a), (c), Oct. 22, 1986, 100 Stat. 2217, 2250, 2713, 2810, 2811; Pub. L. 100–647, title I, §1014(d)(3), (4), Nov. 10, 1988, 102 Stat. 3561; Pub. L. 101–239, title VII, §7811(b), (f)(1), Dec. 19, 1989, 103 Stat. 2406, 2409; Pub. L. 103–66, title XIII, §13113(d)(3), Aug. 10, 1993, 107 Stat. 430; Pub. L. 104–188, title I, §§1904(c)(1), 1906(b), (c)(1), Aug. 20, 1996, 110 Stat. 1912, 1915; Pub. L. 111–147, title V, §533(a), (b), (d), Mar. 18, 2010, 124 Stat. 114.)
2010—Subsec. (i)(1). Pub. L. 111–147, §533(a), substituted "(or permits the use of any other trust property) directly or indirectly to or by" for "directly or indirectly to" in introductory provisions and inserted "(or the fair market value of the use of such property)" after "the amount of such loan" in concluding provisions.
Subsec. (i)(3). Pub. L. 111–147, §533(d), struck out "regarding loan principal" after "transactions" in heading and inserted "(or use of property)" after "If any loan" and "or the return of such property" after "otherwise)".
1993—Subsec. (a)(3). Pub. L. 103–66 inserted at end "The exclusion under section 1202 shall not be taken into account."
1989—Subsec. (a)(6)(A). Pub. L. 101–239, §7811(f)(1), substituted "section 265(a)(1)" for "section 265(1)".
Subsec. (a)(6)(C). Pub. L. 101–239, §7811(b)(1), struck out "(i)" after "such a trust," and ", and (ii) the deduction under section 1202 (relating to deduction for excess of capital gains over capital losses) shall not be taken into account" before period at end.
Subsec. (a)(6)(D). Pub. L. 101–239, §7811(b)(2), struck out subpar. (D) which read as follows: "Effective for distributions made in taxable years beginning after December 31, 1975, the undistributed net income of each foreign trust for each taxable year beginning on or before December 31, 1975, remaining undistributed at the close of the last taxable year beginning on or before December 31, 1975, shall be redetermined by taking into account the deduction allowed by section 1202."
1988—Subsec. (g)(1). Pub. L. 100–647, §1014(d)(3)(A), struck out at end "The preceding sentence shall apply only to the extent the payments of estimated tax made by the trust for the taxable year exceed the tax imposed by this chapter shown on its return for the taxable year."
Subsec. (g)(2). Pub. L. 100–647, §1014(d)(3)(B), amended par. (2) generally. Prior to amendment, par. (2) read as follows: "An election under paragraph (1) may be made—
"(A) only on the trust's return of the tax imposed by this chapter for the taxable year, and
"(B) only if such return is filed on or before the 65th day after the close of the taxable year."
1986—Subsec. (a)(3). Pub. L. 99–514, §301(b)(7), struck out "The deduction under section 1202 (relating to deduction for excess of capital gains over capital losses) shall not be taken into account."
Subsec. (a)(7). Pub. L. 99–514, §612(b)(4), struck out par. (7), dividends or interest, which read as follows: "There shall be included the amount of any dividends or interest excluded from gross income pursuant to section 116 (relating to partial exclusion of dividends) or section 128 (relating to certain interest)."
Subsec. (d). Pub. L. 99–514, §1806(c)(1), redesignated subsec. (d), relating to treatment of property distributed in kind, as (e). Former subsec. (e) redesignated (f).
Subsec. (e). Pub. L. 99–514, §1806(a), (c)(1), redesignated subsec. (d) relating to treatment of property distributed in kind as (e) and amended par. (3)(B) generally, substituting "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" for "shall be made by the estate or trust on its return for the taxable year for which the distribution was made". Former subsec. (e) redesignated (f).
Subsec. (f). Pub. L. 99–514, §1806(c)(2), redesignated subsec. (e) as (f).
Subsec. (g). Pub. L. 99–514, §1404(b), added subsec. (g).
1983—Subsec. (a)(7). Pub. L. 97–448 substituted "section 116 (relating to partial exclusion of dividends) or section 128 (relating to certain interest)" for "section 116 (relating to partial exclusion of dividends or interest received) or section 128 (relating to interest on certain savings certificates)".
1981—Subsec. (a)(7). Pub. L. 97–34, §301(b)(6)(A), inserted reference to "interest" in heading and text, which continued the amendment made by Pub. L. 96–223.
Pub. L. 97–34, §301(b)(4), inserted "or section 128 (relating to interest on certain savings certificates)" after "received)".
1980—Subsec. (a)(7). Pub. L. 96–223 inserted "or interest" after "dividends" in heading and text.
1976—Subsec. (a)(6)(C). Pub. L. 94–455, §1013(c)(1), struck out "created by a United States person" after "foreign trust".
1962—Subsec. (a)(6). Pub. L. 87–834, §7(a)(1), substituted "Income of foreign trust" for "Foreign income" in heading, designated existing provisions as subpar. (A), and added subpars. (B) and (C).
Pub. L. 111–147, title V, §533(e), Mar. 18, 2010, 124 Stat. 114, provided that: "The amendments made by this section [amending this section and section 679 of this title] shall apply to loans made, and uses of property, after the date of the enactment of this Act [Mar. 18, 2010]."
Pub. L. 104–188, title I, §1904(d), Aug. 20, 1996, 110 Stat. 1912, provided that:
"(1) In general.—Except as provided by paragraph (2), the amendments made by this section [amending this section and sections 665, 672, and 901 of this title] shall take effect on the date of the enactment of this Act [Aug. 20, 1996].
"(2) Exception for certain trusts.—The amendments made by this section shall not apply to any trust—
"(A) which is treated as owned by the grantor under section 676 or 677 (other than subsection (a)(3) thereof) of the Internal Revenue Code of 1986, and
"(B) which is in existence on September 19, 1995.
The preceding sentence shall not apply to the portion of any such trust attributable to any transfer to such trust after September 19, 1995."
Pub. L. 104–188, title I, §1906(d)(2), (3), Aug. 20, 1996, 110 Stat. 1916, provided that:
"(2) Abusive transactions.—The amendment made by subsection (b) [amending this section] shall take effect on the date of the enactment of this Act [Aug. 20, 1996].
"(3) Loans from trusts.—The amendment made by subsection (c) [amending this section and section 7872 of this title] shall apply to loans of cash or marketable securities made after September 19, 1995."
Amendment by section 301(b)(7) of Pub. L. 99–514 applicable 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 applicable 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 effective, 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.
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 general.—The amendment made by subsection (a) [amending this section] shall apply to distributions after June 1, 1984, in taxable years ending after such date.
"(2) Time for making election.—In the case of any distribution before the date of the enactment of this Act [July 18, 1984]—
"(A) the time for making an election under section 643(d)(3) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by this section) shall not expire before January 1, 1985, and
"(B) the requirement that such election be made on the return of the estate or trust shall not apply."
Pub. L. 98–369, div. A, title I, §82(b), July 18, 1984, 98 Stat. 598, as amended by Pub. L. 99–514, title XVIII, §1806(b), Oct. 22, 1986, 100 Stat. 2811, provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after March 1, 1984; except that, in the case of a trust which was irrevocable on March 1, 1984, such amendment shall so apply only to that portion of the trust which is attributable to contributions to corpus after March 1, 1984."
Pub. L. 98–369, div. A, title VII, §722(h)(5), July 18, 1984, 98 Stat. 976, provided that:
"(A) Except as provided in this paragraph, the amendments made by this subsection [amending this section and sections 3405, 3406, and 6041 of this title] shall apply as if included in the amendments made by the Interest and Dividend Tax Compliance Act of 1983 [Pub. L. 98–67].
"(B) The amendments made by paragraph (4) [amending sections 3405 and 6041 of this title] shall apply to payments or distributions after December 31, 1984, unless the payor elects to have such amendments apply to payments or distributions before January 1, 1985."
Pub. L. 94–455, title X, §1013(f)(2), Oct. 4, 1976, 90 Stat. 1617, provided that: "The amendments made by subsection (c) [amending this section] shall apply to taxable years beginning after December 31, 1975."
Pub. L. 87–834, §7(j), Oct. 16, 1962, 76 Stat. 989, provided that: "The amendments made by this section [amending this section and sections 665, 666, and 668 of this title and enacting section 669 of this title] (other than by subsections (f), (g) and (h) [enacting sections 6048 and 6677 of this title and amending section 7701 of this title]), shall apply with respect to distributions made after December 31, 1962."
Pub. L. 100–647, title X, §1018(e), Nov. 10, 1988, 102 Stat. 3581, provided that: "If—
"(1) on a return for the 1st taxable year of the trusts involved beginning after March 1, 1984, 2 or more trusts were treated as a single trust for purposes of the tax imposed by chapter 1 of the Internal Revenue Code of 1954 [now 1986],
"(2) such trusts would have been required to be so treated but for the amendment made by section 1806(b) of the Reform Act [Pub. L. 99–514, which amended provisions set out as an Effective Date of 1984 Amendment note above], and
"(3) such trusts did not accumulate any income during such taxable year and did not make any accumulation distributions during such taxable year,
then, notwithstanding the amendment made by section 1806(b) of the Reform Act, such trusts shall be treated as one trust for purposes of such taxable year."