Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-j/part-i/subpart-c/sec.-664/
Timestamp: 2020-02-25 17:40:10
Document Index: 86632008

Matched Legal Cases: ['§ 664', '§201', '§1906', '§1022', '§1089', '§1530', '§6010', '§1', '§319', '§632', '§868', '§424', '§344', '§ 664', '§664', '§201', '§1906', '§1022', '§1089', '§1530', '§6010', '§1', '§319', '§632', '§868', '§424', '§344', '§1452', '§632', '§1089', '§344', '§424', '§868', '§1089', '§1089']

26 U.S.C. § 664 (2015) - Charitable remainder trusts :: 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 C - Estates and Trusts Which May Accumulate Income or Which Distribute Corpus (Sections 661 - 664) Sec. 664 - Charitable remainder trusts
Sec. 664 - Charitable remainder trusts
Source Credit Added Pub. L. 91-172, title II, §201(e)(1), Dec. 30, 1969, 83 Stat. 562; amended Pub. L. 94-455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 98-369, div. A, title X, §1022(d), July 18, 1984, 98 Stat. 1029; Pub. L. 105-34, title X, §1089(a)(1), (b)(1), (2), (4), title XV, §1530(a), (b), (c)(5), 111 Stat. 960, 1075, 1078; Pub. L. 105-206, title VI, §6010(r), July 22, 1998, 112 Stat. 817; Pub. L. 106-554, §1(a)(7) [title III, §319(7)], Dec. 21, 2000, 114 Stat. 2763, 2763A-646; Pub. L. 107-16, title VI, §632(a)(3)(H), June 7, 2001, 115 Stat. 114; Pub. L. 109-280, title VIII, §868(a), Aug. 17, 2006, 120 Stat. 1025; Pub. L. 109-432, div. A, title IV, §424(a), Dec. 20, 2006, 120 Stat. 2974; Pub. L. 114-113, div. Q, title III, §344(a), Dec. 18, 2015, 129 Stat. 3115.
Statutes at Large References 83 Stat. 562
98 Stat. 1029
110 Stat. 1816
111 Stat. 960, 961
112 Stat. 817
115 Stat. 114
120 Stat. 1025, 2974
129 Stat. 3115
Public and Private Laws Public Law 91-172, Public Law 94-455, Public Law 98-369, Public Law 104-188, Public Law 105-34, Public Law 105-206, Public Law 106-554, Public Law 107-16, Public Law 109-280, Public Law 109-432, Public Law 114-113
26 U.S.C. § 664 (2015)
§664. Charitable remainder trusts(a) General rule
(c) Taxation of trusts(1) Income tax
(2) Excise tax(A) In general
(d) Definitions(1) Charitable remainder annuity trust
For purposes of this section, a charitable remainder annuity trust is a trust—
For purposes of this section, a charitable remainder unitrust is a trust—
Notwithstanding the provisions of paragraphs (2)(A) and (B), the trust instrument may provide that the trustee shall pay the income beneficiary for any year—
(f) Certain contingencies permitted(1) General rule
(g) Qualified gratuitous transfer of qualified employer securities(1) In general
For purposes of this section, the term "qualified gratuitous transfer" means a transfer of qualified employer securities to an employee stock ownership plan (as defined in section 4975(e)(7)) but only to the extent that—
The term "qualified gratuitous transfer" shall not include a transfer of qualified employer securities to an employee stock ownership plan unless—
A plan contains the provisions required by this paragraph if such plan provides that—
(E) such securities are held in a suspense account under the plan to be allocated each year, up to the applicable limitation under paragraph (7) (determined on the basis of fair market value of securities when allocated to participants), after first allocating all other annual additions for the limitation year, up to the limitations under sections 415(c) and (e),1 and
For purposes of this section, the term "qualified employer securities" means employer securities (as defined in section 409(l)) which are issued by a domestic corporation—
(5) Treatment of securities allocated by employee stock ownership plan to persons related to decedent or 5-percent shareholders(A) In general
If any portion of the assets of the plan attributable to securities acquired by the plan in a qualified gratuitous transfer are allocated to the account of—
If the requirements of paragraph (3)(F) are not met with respect to any securities, there is hereby imposed a tax on the employer maintaining the plan in an amount equal to the sum of—
(7) Applicable limitation(A) In general
For purposes of paragraph (3)(E), the applicable limitation under this paragraph with respect to a participant is an amount equal to the lesser of—
(Added Pub. L. 91–172, title II, §201(e)(1), Dec. 30, 1969, 83 Stat. 562; amended Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 98–369, div. A, title X, §1022(d), July 18, 1984, 98 Stat. 1029; Pub. L. 105–34, title X, §1089(a)(1), (b)(1), (2), (4), title XV, §1530(a), (b), (c)(5), 111 Stat. 960, 1075, 1078; Pub. L. 105–206, title VI, §6010(r), July 22, 1998, 112 Stat. 817; Pub. L. 106–554, §1(a)(7) [title III, §319(7)], Dec. 21, 2000, 114 Stat. 2763, 2763A-646; Pub. L. 107–16, title VI, §632(a)(3)(H), June 7, 2001, 115 Stat. 114; Pub. L. 109–280, title VIII, §868(a), Aug. 17, 2006, 120 Stat. 1025; Pub. L. 109–432, div. A, title IV, §424(a), Dec. 20, 2006, 120 Stat. 2974; Pub. L. 114–113, div. Q, title III, §344(a), Dec. 18, 2015, 129 Stat. 3115.)
Section 415(e) of this title, referred to in subsec. (g)(3)(E), was repealed by Pub. L. 104–188, title I, §1452(a), Aug. 20, 1996, 110 Stat. 1816.
2015—Subsec. (e). Pub. L. 114–113 substituted "of interests" for "for purposes of charitable contribution" in heading and inserted at end of text "In the case of the early termination of a trust which is a charitable remainder unitrust by reason of subsection (d)(3), the valuation of interests in such trust for purposes of this section shall be made under rules similar to the rules of the preceding sentence."
2006—Subsec. (c). Pub. L. 109–432 amended heading and text of subsec. (c) generally. Prior to amendment, text read as follows: "A charitable remainder annuity trust and a charitable remainder unitrust shall, for any taxable year, not be subject to any tax imposed by this subtitle, unless such trust, for such year, has unrelated business taxable income (within the meaning of section 512, determined as if part III of subchapter F applied to such trust)."
2001—Subsec. (g)(3)(E). Pub. L. 107–16, §632(a)(3)(H)(i), substituted "applicable limitation under paragraph (7)" for "limitations under section 415(c)".
2000—Subsec. (d)(1)(C), (2)(C). Pub. L. 106–554 struck out period after "(as defined by subsection (g))". See 1997 Amendment notes below.
1998—Subsec. (d)(1)(C), (2)(C). Pub. L. 105–206 inserted ", and" at end.
1997—Subsec. (d)(1)(A). Pub. L. 105–34, §1089(a)(1), inserted "nor more than 50 percent" after "not less than 5 percent".
1984—Subsec. (f). Pub. L. 98–369 added subsec. (f).
Pub. L. 114–113, div. Q, title III, §344(b), Dec. 18, 2015, 129 Stat. 3115, provided that: "The amendment made by this section [amending this section] shall apply to terminations of trusts occurring after the date of the enactment of this Act [Dec. 18, 2015]."
Pub. L. 109–432, div. A, title IV, §424(b), Dec. 20, 2006, 120 Stat. 2974, provided that: "The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 2006."
Pub. L. 109–280, title VIII, §868(b), Aug. 17, 2006, 120 Stat. 1025, provided that: "The amendment made by this section [amending this section] shall take effect on the date of the enactment of this Act [Aug. 17, 2006]."
Pub. L. 105–34, title X, §1089(a)(2), Aug. 5, 1997, 111 Stat. 960, provided that: "The amendment made by paragraph (1) [amending this section] shall apply to transfers in trust after June 18, 1997."
Pub. L. 105–34, title X, §1089(b)(6), Aug. 5, 1997, 111 Stat. 961, provided that:
"(A) In general.—Except as otherwise provided in this paragraph, the amendments made by this subsection [amending this section and section 2055 of this title] shall apply to transfers in trust after July 28, 1997.
"(B) Special rule for certain decedents.—The amendments made by this subsection shall not apply to transfers in trust under the terms of a will (or other testamentary instrument) executed on or before July 28, 1997, if the decedent—