Source: http://taxtv.com/code/00505-USCODE-2011-title26-subtitleA-chap1-subchapJ-partI-subpartE-sec679/
Timestamp: 2017-06-28 22:41:31
Document Index: 692621205

Matched Legal Cases: ['§679', '§679', '§679', '§1903', '§1903', '§1903', '§532', '§679']

IRC §679. Foreign trusts having one or more United States beneficiaries - TaxTV.com
IRC §679. Foreign trusts having one or more United States beneficiaries
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For purposes of this section, undistributed net income for periods before such individual’s residency starting date shall be taken into account in determining the portion of the trust which is attributable to property transferred by such individual to such trust but shall not otherwise be taken into account.
For purposes of this paragraph, an individual’s residency starting date is the residency starting date determined under section 7701(b)(2)(A).
(1) subsection (a) applies to a trust for the transferor’s taxable year, and
1998—Subsec. (a)(1). Pub. L. 105–206 provided that the amendment made by section 1903(b) of Pub. L. 104–188 shall be applied as if “or” in the material proposed to be stricken were capitalized. See 1996 Amendment note below.
1997—Subsec. (a)(3)(C)(ii), (iii). Pub. L. 105–34 inserted “, owner,” after “grantor”.
1996—Subsec. (a)(1). Pub. L. 104–188, §1903(b), which directed that subsec. (a) of this section be amended by substituting “section 6048(a)(3)(B)(ii)” for “section 404(a)(4) or 404A”, was executed to par. (1) by making the substitution for “section 404(a)(4) Or section 404A” to reflect the probable intent of Congress. See 1998 Amendment note above.
Subsec. (a)(2)(B). Pub. L. 104–188, §1903(a)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Transfers where gain is recognized to transferor.—To any sale or exchange of the property at its fair market value in a transaction in which all of the gain to the transferor is realized at the time of the transfer and is recognized either at such time or is returned as provided in section 453.”
Subsec. (c)(2)(A). Pub. L. 104–188, §1903(e), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “in the case of a foreign corporation, more than 50 percent of the total combined voting power of all classes of stock entitled to vote of such corporation is owned (within the meaning of section 958(a)) or is considered to be owned (within the meaning of section 958(b)) by United States shareholders (as defined in section 9 (b)),”.
1980—Subsec. (a)(1). Pub. L. 96–603 inserted “Or section 404A” after “section 404(a)(4)”.
Pub. L. 111–147, title V, §532(b), Mar. 18, 2010, 124 Stat. 114, provided that: “The amendments made by this section [amending this section] shall apply to transfers of property after the date of the enactment of this Act [Mar. 18, 2010].”
Section 1903(g) of Pub. L. 104–188 provided that: “The amendments made by this section [amending this section] shall apply to transfers of property after February 6, 1995.”
Section 1013(f)(1) of Pub. L. 94–455 provided that: “The amendments made by this section (other than subsection (c)) [enacting this section and amending sections 643, 678, 6048, and 6678 of this title] shall apply to taxable years ending after December 31, 1975, but only in the case of—
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