1. U.S. Code
  2. title 26
  3. subtitle A
  4. chapter 1
  5. subchapter J
  6. part I
  7. subpart B
  8. § 651

Collapse to view only § 651. Deduction for trusts distributing current income only

§ 651. Deduction for trusts distributing current income only
(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
(Aug. 16, 1954, ch. 736, 68A Stat. 219.)

CITE AS: 26 USC 651

§ 652. Inclusion of amounts in gross income of beneficiaries of trusts distributing current income only
(a) Inclusion
(b) Character of amounts
(c) Different taxable years
(Aug. 16, 1954, ch. 736, 68A Stat. 219; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

CITE AS: 26 USC 652