Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section584&num=0&edition=prelim
Timestamp: 2020-08-04 08:53:03
Document Index: 94131543

Matched Legal Cases: ['§ 584', '§4', '§201', '§1', '§1402', '§1901', '§2131', '§101', '§404', '§301', '§103', '§1001', '§612', '§1008', '§1805', '§3001', '§302', '§3001', '§3001', '§612', '§301', '§1805', '§1008', '§612', '§2131', '§2']

[USC02] 26 USC 584: Common trust funds
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26 USC 584: Common trust funds Text contains those laws in effect on August 3, 2020
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-
(B) as a custodian of accounts-
Each participant in the common trust fund in computing its taxable income shall include, whether or not distributed and whether or not distributable-
The taxable income of a common trust fund shall be computed in the same manner and on the same basis as in the case of an individual, except that-
(2) after excluding all items of gain and loss from sales or exchanges of capital assets, there shall be computed-
If, in any transfer referred to in paragraph (1)(A), the assumed liabilities exceed the aggregate adjusted bases (in the hands of the common trust fund) of the assets transferred to the regulated investment company or companies-
(Aug. 16, 1954, ch. 736, 68A Stat. 203 ; Pub. L. 87–722, §4, Sept. 28, 1962, 76 Stat. 670 ; Pub. L. 88–272, title II, §201(d)(5), Feb. 26, 1964, 78 Stat. 32 ; Pub. L. 94–414, §1, Sept. 17, 1976, 90 Stat. 1273 ; Pub. L. 94–455, title XIV, §1402(b)(1)(H), (2), title XIX, §§1901(b)(1)(G), 1906(b)(13)(A), title XXI, §§2131(d), 2138, Oct. 4, 1976, 90 Stat. 1732 , 1790, 1834, 1924, 1932; Pub. L. 95–30, title I, §101(d)(7), May 23, 1977, 91 Stat. 133 ; Pub. L. 96–223, title IV, §404(b)(3), Apr. 2, 1980, 94 Stat. 306 ; Pub. L. 97–34, title III, §301(b)(3), (6)(A), Aug. 13, 1981, 95 Stat. 270 ; Pub. L. 97–448, title I, §103(a)(2), Jan. 12, 1983, 96 Stat. 2375 ; Pub. L. 98–369, div. A, title X, §1001(b)(7), (e), July 18, 1984, 98 Stat. 1011 , 1012; Pub. L. 99–514, title VI, §612(b)(2), Oct. 22, 1986, 100 Stat. 2250 ; Pub. L. 100–647, title I, §1008(e)(5)(A), Nov. 10, 1988, 102 Stat. 3440 ; Pub. L. 104–188, title I, §1805(a), Aug. 20, 1996, 110 Stat. 1894 ; Pub. L. 106–36, title III, §3001(c)(1), June 25, 1999, 113 Stat. 183 ; Pub. L. 108–27, title III, §302(e)(7), May 28, 2003, 117 Stat. 764 .)
2003-Subsec. (c). Pub. L. 108–27 inserted concluding provisions.
1999-Subsec. (h)(3)(A). Pub. L. 106–36, §3001(c)(1)(A), struck out ", and the fact that any property transferred by the common trust fund is subject to a liability," before "shall be disregarded".
Subsec. (h)(3)(B)(ii). Pub. L. 106–36, §3001(c)(1)(B), added cl. (ii) and struck out heading and text of former cl. (ii). Text read as follows: "For purposes of clause (i), the term 'assumed liabilities' means the aggregate of-
1996-Subsecs. (h), (i). Pub. L. 104–188 added subsec. (h) and redesignated former subsec. (h) as (i).
1986-Subsec. (c). Pub. L. 99–514, §612(b)(2)(B), substituted "1 year" for "6 months" wherever appearing in pars. (1) and (2).
1984-Subsec. (c)(1)(A), (B). Pub. L. 98–369 substituted "6 months" for "1 year", wherever appearing, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below.
1983-Subsec. (c)(2). Pub. L. 97–448 reenacted par. (2) without change.
1981-Subsec. (c)(2). 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.
1980-Subsec. (c)(2). Pub. L. 96–223 inserted "or interest" after "dividends" in heading and text.
1977-Subsec. (d)(4). Pub. L. 95–30 struck out par. (4) relating to standard deduction.
1976-Subsec. (a). Pub. L. 94–414 inserted provision relating to treatment of two or more bank members of same affiliated group.
1964-Subsec. (c)(2). Pub. L. 88–272 struck out "section 34 or" before "section 116 applies".
1962-Subsec. (a)(2). Pub. L. 87–722 inserted "or the Comptroller of the Currency" after "the Board of Governors of the Federal Reserve System".
Pub. L. 104–188, title I, §1805(b), Aug. 20, 1996, 110 Stat. 1895 , provided that: "The amendment made by subsection (a) [amending this section] shall apply to transfers after December 31, 1995."
Pub. L. 100–647, title I, §1008(e)(5)(B), Nov. 10, 1988, 102 Stat. 3440 , provided that: "The amendment made by subparagraph (A) [amending this section] shall take effect as if included in the amendments made by section 806 of the Reform Act [Pub. L. 99–514], except that section 806(e)(1) [set out as a note under section 1378 of this title] shall be applied by substituting 'December 31, 1987' for 'December 31, 1986'. For purposes of section 806(e)(2) of the Reform Act [set out as a note under section 1378 of this title]-
Pub. L. 99–514, title VI, §612(b)(2)(B), Oct. 22, 1986, 100 Stat. 2250 , provided that: "If the amendments made by section 1001 of the Tax Reform Act of 1984 [Pub. L. 98–369, amending this section and sections 166, 341, 402, 403, 423, 582, 631, 642, 702, 818, 852, 856, 857, 1222, 1223, 1231, 1232, 1233, 1234, 1235, 1246, 1247, and 1248 of this title] cease to apply [see Effective Date of 1984 Amendment note below], effective with respect to property to which such amendments do not apply, subsection (c) of section 584 is amended by striking out '6 months' each place it appears and inserting in lieu thereof '1 year'."
Pub. L. 94–455, title XXI, §2131(f)(6), Oct. 4, 1976, 90 Stat. 1925 , provided that: "The amendments made by subsections (d) and (e) [amending this section and section 683 of this title] shall take effect on April 8, 1976, in taxable years ending on or after such date."
Pub. L. 94–414, §2, Sept. 17, 1976, 90 Stat. 1273 , provided that: "The amendment made by the first section of this Act [amending this section] shall apply to taxable years beginning after December 31, 1975."