Source: https://www.law.cornell.edu/uscode/text/26/671
Timestamp: 2017-09-26 13:06:14
Document Index: 207017404

Matched Legal Cases: ['§ 671', '§ 671', '§ 671', '§\u202f646', '§\u202f1006', 'art 1', '§\u202f631']

26 U.S. Code § 671 - Trust income, deductions, and credits attributable to grantors and others as substantial owners | US Law | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter J › Part I › Subpart E › § 671
26 U.S. Code § 671 - Trust income, deductions, and credits attributable to grantors and others as substantial owners
Pub. L. 99–514, title VI, § 646, Oct. 22, 1986, 100 Stat. 2292, as amended by Pub. L. 100–647, title I, § 1006(k), Nov. 10, 1988, 102 Stat. 3411, provided that:
For purposes of the Internal Revenue Code of 1986, if the entity described in subsection (b) makes an election under subsection (c), such entity shall be treated as a trust to which subpart E of part 1 of subchapter J of chapter 1 of such Code applies.
“(b)Entity.—An entity is described in this subsection if—
such entity was created in 1906 as a common law trust and is governed by the trust laws of the State of Minnesota,
such entity is exclusively engaged in the leasing of mineral property and activities incidental thereto, and
income interests in such entity are publicly traded as of October 22, 1986, on a national stock exchange.
“(1)In general.—An election under this subsection to have the provisions of this section apply—
shall be made by the board of trustees of the entity before January 1, 1991, and
shall not be valid unless accompanied by an agreement described in paragraph (2).
The agreement described in this paragraph is a written agreement signed by the board of trustees of the entity which provides that the entity will not acquire any additional property other than property described in subparagraph (B).
“(B)Permissible acquisitions.—Property is described in this paragraph if it is—
is necessary to mine mineral rights held on October 22, 1986, and
is required by a written binding agreement between the entity and an unrelated person entered into on or before October 22, 1986,
are acquired in an exchange to which section 1031 [probably means section 1031 of this title] applies, and
are necessary to mine mineral rights held on October 22, 1986,
tangible personal property incidental to the leasing of mineral property and activities incidental thereto, or
part of any required reserves of the entity.
“(3)Beginning of period for which election is in effect.—
The period during which an election is in effect under this subsection shall begin on the 1st day of the 1st taxable year beginning after the date of the enactment of this Act [Oct. 22, 1986] and following the taxable year in which the election is made.
“(4)Manner of election.—
Any election under this subsection shall be made in such manner as the Secretary of the Treasury or his delegate may prescribe.
“(1)Election treated as a liquidation.—If an election is made under subsection (c) with respect to any entity—
such entity shall be treated as having been liquidated into a trust immediately before the period described in subsection (c)(3) in a liquidation to which section 333 of the Internal Revenue Code of 1954 (as in effect before the amendments made by this Act) applies, and
any person holding an income interest in such entity as of such time shall be treated as a qualified electing shareholder, and
the earnings and profits, and the value of money or stock or securities, of such entity shall be apportioned ratably among persons described in clause (i).
The amendments made by subtitle D of this title [subtitle D (§§ 631–634) of title VI of Pub. L. 99–514, see Tables for classification] and section 1804 of this Act [see Tables for classification] shall not apply to any liquidation under this paragraph.
“(2)Termination of election.—
If an entity ceases to be described in subsection (b) or violates any term of the agreement described in subsection (c)(2), the entity shall, for purposes of the Internal Revenue Code of 1986, be treated as a corporation for the taxable year in which such cessation or violation occurs and for all subsequent taxable years.
“(3)Trust ceasing to exist.—
Paragraph (2) shall not apply if the trust ceases to be described in subsection (b) or violates the agreement in subsection (c)(2) because the trust ceases to exist.
“(e)Special Rule for Persons Holding Income Interests.—In applying subpart E of part I of subchapter J of chapter 1 of the Internal Revenue Code of 1986 to any entity to which this section applies—
a reversionary interest shall not be taken into account until it comes into possession, and
all items of income, gain, loss, deduction, and credit shall be allocated to persons holding income interests for the period of the allocation.”
General Power v. Not a General Power : 2017-07-21
Power Created After October 21, 1942 : 2017-07-21
Allocation of Income and Deductions : 2017-07-21
Imposition of Gift Tax Imposed v. Not Imposed : 2017-07-21
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2017-05-05
Powers of Appointment Transfer v. Not a Transfer : 2017-05-05
Imposition of Gift Tax Imposed v. Not Imposed : 2017-05-05
Powers of Appointment Included v. Not Included in Gross Estate : 2017-05-05
Persons Treated as Grantors : 2016-12-30
Basis of Property Acquired From a Decedent : 2016-12-30
Powers of Appointment Transfer v. Not a Transfer : 2016-12-30
Imposition of Gift Tax Imposed v. Not Imposed : 2016-12-30
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-12-30
Powers of Appointment Included v. Not Included in Gross Estate : 2016-12-30
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-12-09
Powers of Appointment Transfer v. Not a Transfer : 2016-12-09
Imposition of Gift Tax Imposed v. Not Imposed : 2016-12-09
Powers of Appointment Included v. Not Included in Gross Estate : 2016-12-09
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-10-14
Reversionary Interests : 2016-10-14
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-09-02
Powers of Appointment Transfer v. Not a Transfer : 2016-09-02
Imposition of Gift Tax Imposed v. Not Imposed : 2016-09-02
Powers of Appointment Included v. Not Included in Gross Estate : 2016-09-02
Persons Treated as Grantors : 2016-07-08
Powers of Appointment Transfer v. Not a Transfer : 2016-07-08
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-04-01
Powers of Appointment Transfer v. Not a Transfer : 2016-04-01
Imposition of Gift Tax Imposed v. Not Imposed : 2016-04-01
Powers of Appointment Included v. Not Included in Gross Estate : 2016-04-01
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2016-03-25
Powers of Appointment Transfer v. Not a Transfer : 2016-03-25
Imposition of Gift Tax Imposed v. Not Imposed : 2016-03-25
Powers of Appointment Included v. Not Included in Gross Estate : 2016-03-25
Persons Treated as Grantors : 2015-12-11
Powers of Appointment Transfer v. Not a Transfer : 2015-12-11
Imposition of Gift Tax Imposed v. Not Imposed : 2015-12-11
Association v. Trust : 2015-08-07
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2015-08-07
Exceptions to General Rule : 2015-08-07
Subpart E not to Result in Foreign Ownership : 2015-08-07
Distributions of Property : 2015-07-03
Persons Treated as Grantors : 2015-07-03
Association v. Trust : 2015-07-03
Distributions of Property : 2015-06-05
Persons Treated as Grantors : 2015-06-05
Association v. Trust : 2015-06-05
Persons Treated as Grantors : 2015-03-06
Powers of Appointment Transfer v. Not a Transfer : 2015-03-06
Powers of Appointment Transfer v. Not a Transfer : 2014-10-03
Imposition of Gift Tax Imposed v. Not Imposed : 2014-10-03
Powers of Appointment Transfer v. Not a Transfer : 2014-07-25
Imposition of Gift Tax Imposed v. Not Imposed : 2014-07-25
Powers of Appointment Transfer v. Not a Transfer : 2014-06-27
Imposition of Gift Tax Imposed v. Not Imposed : 2014-06-27
Powers of Appointment Transfer v. Not a Transfer : 2014-03-07
Imposition of Gift Tax Imposed v. Not Imposed : 2014-03-07
Definitions : 2013-12-06
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2013-12-06
Deductions For Losses : 2013-10-25
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2013-10-25
Losses Disallowed : 2013-10-25
Losses Deduction Disallowed : 2013-10-25
Powers of Appointment Transfer v. Not a Transfer : 2013-03-08
Imposition of Gift Tax Imposed v. Not Imposed : 2013-03-08
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2012-11-09
Basis of Property Acquired From a Decedent : 2012-11-09
Persons Treated as Grantors : 2012-06-29
Certain Trusts Permitted as Shareholders : 2012-06-29
Investment Trusts : 2012-06-29
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2011-09-23
Distributions of Property : 2009-07-02
Association v. Trust : 2009-07-02
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2009-07-02
Administrative Powers : 2009-06-05
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2009-06-05
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2009-05-15
Method of Reporting : 2009-04-24
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2008-11-28
General Powers of Administration : 2008-11-28
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2008-11-14
Property in Which Decedent Had an Interest : 2008-11-14
Valuation of Gifts : 2008-11-14
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2008-10-17
Property in Which Decedent Had an Interest : 2008-10-17
Valuation of Gifts : 2008-10-17
Definitions : 2008-08-29
Distributions of Property : 2008-08-29
Association v. Trust : 2008-08-29
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2008-08-29
Persons Treated as Grantors : 2007-08-17
Association v. Trust : 2007-08-17
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2007-08-03
Transfer by Incompetent or Incompetent's Committee : 2007-08-03
Imposition of Gift Tax Imposed v. Not Imposed : 2007-08-03
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2007-07-20
Transfer by Incompetent or Incompetent's Committee : 2007-07-20
Imposition of Gift Tax Imposed v. Not Imposed : 2007-07-20
Gift v. Not a Gift : 2007-04-13
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2007-04-13
Imposition of Gift Tax Imposed v. Not Imposed : 2007-04-13
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2006-11-24
Transfer by Incompetent or Incompetent's Committee : 2006-11-24
Imposition of Gift Tax Imposed v. Not Imposed : 2006-11-24
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2006-09-15
Transfer by Incompetent or Incompetent's Committee : 2006-09-15
Imposition of Gift Tax Imposed v. Not Imposed : 2006-09-15
Gift v. Not a Gift : 2006-03-24
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2006-03-24
Persons Treated as Grantors : 2005-12-09
Individual Retirement Accounts : 2005-12-09
Power to Vest Corpus or Income in Self : 2005-12-09
Gift v. Not a Gift : 2005-01-14
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2005-01-14
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2004-08-20
General Powers of Administration : 2004-08-20
Association v. Trust : 2004-04-30
Association v. Trust : 2003-09-26
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2003-09-26
Powers of Appointment Transfer v. Not a Transfer : 2002-11-22
Imposition of Gift Tax Imposed v. Not Imposed : 2002-11-22
Transfers in General Gift v. Not a Gift : 2002-11-22
Qualified Subchapter S Trusts : 2002-07-05
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2002-07-05
GST Exemption : 2002-07-05
Method of Reporting : 2002-02-15
Powers of Appointment Transfer v. Not a Transfer : 2001-11-30
Imposition of Gift Tax Imposed v. Not Imposed : 2001-11-30
Transfers in General Gift v. Not a Gift : 2001-11-30
Distributions of Property : 2001-07-06
Association v. Trust : 2001-07-06
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2001-07-06
Liquidating Trusts : 2001-05-11
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2001-05-11
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2001-02-23
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2000-09-01
Individual, Estate or Trust : 2000-09-01
Liquidating Trusts : 2000-08-25
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2000-08-25
Electing Small Business Trusts : 2000-07-28
Property in Which Decedent Had an Interest : 2000-07-28
Grantor Trusts : 2000-07-28
Excise Taxes on Acts of Self-Dealing : 2000-07-21
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2000-07-21
Definitions : 2000-01-07
Special Valuation Rules for Transfers in Trust : 2000-01-07
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2000-01-07
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 1999-09-10
Charitable, Etc. Contributions and Gifts : 1999-09-10
Property in Which Decedent Had an Interest : 1999-09-10
Grantor Trusts : 1999-09-10
Guaranteed Annuity and Unitrust Interests : 1999-09-10
Deduction for Contributions of Employer to an Employee's Trust or Annuity Plan and Compensation Under a Deferred-Payment Plan Deduct. v. Not Deduct. : 1999-06-25
Exchange of Stock for Property Recognition v. Nonrecognition : 1999-06-25
Special Valuation Rules for Transfers in Trust : 1999-06-25
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 1999-06-25
Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 1999-06-04
Charitable, Etc. Contributions and Gifts : 1999-06-04
Property in Which Decedent Had an Interest : 1999-06-04
Imposition of Gift Tax Imposed v. Not Imposed : 1999-06-04