26-U.S.C.-651
§651 – Deduction For Trusts Distributing Current Income Only
Pathway
Title 26 > Subtitle A > Chapter 1 > Subchapter J > Part I > Subpart B > Section 651
Details
- Reference: Section 651
- Legend: §651 – Deduction For Trusts Distributing Current Income Only
- USCode Year: 2013
Provision Content
(a) Deduction
In the case of any trust the terms of which—
(1) provide that all of its income is required to be distributed currently, and
(2) do not provide that any amounts are to be paid, permanently set aside, or used for the purposes specified in section 642(c) (relating to deduction for charitable, etc., purposes),
there shall be allowed as a deduction in computing the taxable income of the trust the amount of the income for the taxable year which is required to be distributed currently. This section shall not apply in any taxable year in which the trust distributes amounts other than amounts of income described in paragraph (1).
(b) Limitation on deduction
If the amount of income required to be distributed currently exceeds the distributable net income of the trust for the taxable year, the deduction shall be limited to the amount of the distributable net income. For this purpose, the computation of distributable net income shall not include items of income which are not included in the gross income of the trust and the deductions allocable thereto.
(Aug. 16, 1954, ch. 736, 68A Stat. 219.)
U.S. Encyclopedia of Law Coverage
26-U.S.C.-644 in the Legal Encyclopedia: Income Taxes
In this entry about 26-U.S.C.-644, find legal reference material, bibliographies and premiere content related to income taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States income taxes-specific issues, written by authorities in the field.
26-U.S.C.-641 in the Legal Encyclopedia: Tax Liability
In this entry about 26-U.S.C.-641, find legal reference material, bibliographies and premiere content related to tax liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax liability-specific issues, written by authorities in the field.
Subpart A – General Rules For Taxation of Estates and Trusts in the Legal Encyclopedia: Taxation
In this entry about Subpart A – General Rules For Taxation of Estates and Trusts, find legal reference material, bibliographies and premiere content related to taxation in the American Encyclopedia of Law, presenting a comprehensive view of the United States taxation-specific issues, written by authorities in the field.
26-U.S.C.-642 in the Legal Encyclopedia: Liability
In this entry about 26-U.S.C.-642, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.
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