§ 671. Trust income, deductions, and credits attributable to grantors and others as substantial owners
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Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor or the other person those items of income, deductions, and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under this chapter in computing taxable income or credits against the tax of an individual.
Any remaining portion of the trust shall be subject to subparts A through D. No items of a trust shall be included in computing the taxable income and credits of the grantor or of any other person solely on the grounds of his dominion and control over the trust under section 61 (relating to definition of gross income) or any other provision of this title, except as specified in this subpart.
(Aug. 16, 1954, ch. 736, 68A Stat. 226.)
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statutes-at-large
- Public Law 93–406
- Public Law 91–169to promote the safety of employees and travelers upon railroads by limiting the hours of service of employees thereon,” approved March 4, 1907
- Public Law 100–647To make technical corrections relating to the Tax Reform Act of 1986, and for other purposes
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 97–354To revise subchapter S of the Internal Revenue Code of 1954 (relating to small business corporations)
- Public Law 94–455To reform the tax laws of the United States
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7 references not yet in our index
- Aug. 16, 1954, ch. 736
- 68A Stat. 226
- Pub. L. 99–514, title VI, § 646
- 100 Stat. 2292
- Pub. L. 100–647, title I, § 1006(k)
- 102 Stat. 3411
- Pub. L. 99–514
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§ 671
Trust income, deductions, and credits attributable to grantors and others as substantial owners
Stat.×8
Fed. Reg.×1
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 226
Pub. L.Pub. L. 99–514, title VI, § 646
Stat.100 Stat. 2292
Pub. L.Pub. L. 100–647, title I, § 1006(k)
Cites 8 · showing 6Cited by 9 across 2 sources