§ 1.674(d)-1. (d)-1 Excepted powers exercisable by any trustee other than grantor or spouse.
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/us/cfr/t26/s§ 1.674(d)-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 674(d) provides an additional exception to the general rule of section 674(a) for a power to distribute, apportion, or accumulate income to or for a beneficiary or beneficiaries or to, for, or within a class of beneficiaries, whether or not the conditions of section 674(b)
(6)or
(7)are satisfied, if the power is solely exercisable (without the approval or consent of any other person) by a trustee or trustees none of whom is the grantor or spouse living with the grantor, and if the power is limited by a reasonably definite external standard set forth in the trust instrument (see paragraph (b)(5) of § 1.674(b)-1 with respect to what constitutes a reasonably definite standard). See, however, the limitations set forth in § 1.674(d)-2.