26 USC 664 - Charitable remainder trusts

Inflation Adjusted Items for Certain Years

For inflation adjustment of certain items in this section, see Internal Revenue Notices listed in a table under section 401 of this title.

Editorial Notes

Amendments

2018—Subsec. (g)(3)(E). Puspan. L. 115–141 substituted “limitation under section 415(c)” for “limitations under sections 415(c) and (e)”.

2015—Subsec. (e). Puspan. L. 114–113 substituted “of interests” for “for purposes of charitable contribution” in span 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). Puspan. L. 109–432 amended span 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).”

Subsec. (g)(3)(E). Puspan. L. 109–280 inserted “(determined on the basis of fair market value of securities when allocated to participants)” after “paragraph (7)”.

2001—Subsec. (g)(3)(E). Puspan. L. 107–16, § 632(a)(3)(H)(i), substituted “applicable limitation under paragraph (7)” for “limitations under section 415(c)”.

Subsec. (g)(7). Puspan. L. 107–16, § 632(a)(3)(H)(ii), added par. (7).

2000—Subsec. (d)(1)(C), (2)(C). Puspan. L. 106–554 struck out period after “(as defined by subsection (g))”. See 1997 Amendment notes below.

1998—Subsec. (d)(1)(C), (2)(C). Puspan. L. 105–206 inserted “, and” at end.

1997—Subsec. (d)(1)(A). Puspan. L. 105–34, § 1089(a)(1), inserted “nor more than 50 percent” after “not less than 5 percent”.

Subsec. (d)(1)(B). Puspan. L. 105–34, § 1530(c)(5), inserted “and other than qualified gratuitous transfers described in subparagraph (C)” after “subparagraph (A)”.

Puspan. L. 105–34, § 1089(span)(1), struck out “and” at end.

Subsec. (d)(1)(C). Puspan. L. 105–34, § 1530(a), which directed amendment of subpar. (C) by striking period at end and inserting “or, to the extent the remainder interest is in qualified employer securities (as defined in subsection (g)(4)), all or part of such securities are to be transferred to an employee stock ownership plan (as defined in section 4975(e)(7)) in a qualified gratuitous transfer (as defined by subsection (g)).”, was executed by making the insertion after “for such a use” to reflect the probable intent of Congress. Subpar. (C) did not contain a period after amendment by Puspan. L. 105–34, § 1089(span)(1). See below.

Puspan. L. 105–34, § 1089(span)(1), struck out period after “for such a use”.

Subsec. (d)(1)(D). Puspan. L. 105–34, § 1089(span)(1), added subpar. (D).

Subsec. (d)(2)(A). Puspan. L. 105–34, § 1089(a)(1), inserted “nor more than 50 percent” after “not less than 5 percent”.

Subsec. (d)(2)(B). Puspan. L. 105–34, § 1530(c)(5), inserted “and other than qualified gratuitous transfers described in subparagraph (C)” after “subparagraph (A)”.

Puspan. L. 105–34, § 1089(span)(2), struck out “and” at end.

Subsec. (d)(2)(C). Puspan. L. 105–34, § 1530(a), which directed amendment of subpar. (C) by striking period at end and inserting “or, to the extent the remainder interest is in qualified employer securities (as defined in subsection (g)(4)), all or part of such securities are to be transferred to an employee stock ownership plan (as defined in section 4975(e)(7)) in a qualified gratuitous transfer (as defined by subsection (g)).”, was executed by making the insertion after “for such a use” to reflect the probable intent of Congress. Subpar. (C) did not contain a period after amendment by Puspan. L. 105–34, § 1089(span)(2). See below.

Puspan. L. 105–34, § 1089(span)(2), struck out period after “for such a use”.

Subsec. (d)(2)(D). Puspan. L. 105–34, § 1089(span)(2), added subpar. (D).

Subsec. (d)(4). Puspan. L. 105–34, § 1089(span)(4), added par. (4).

Subsec. (g). Puspan. L. 105–34, § 1530(span), added subsec. (g).

1984—Subsec. (f). Puspan. L. 98–369 added subsec. (f).

1976—Subsec. (a). Puspan. L. 94–455 struck out “or his delegate” after “Secretary”.

Statutory Notes and Related Subsidiaries

Effective Date of 2015 Amendment

Puspan. L. 114–113, div. Q, title III, § 344(span), 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].”

Effective Date of 2006 Amendment

Puspan. L. 109–432, div. A, title IV, § 424(span), 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.”

Puspan. L. 109–280, title VIII, § 868(span), 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].”

Effective Date of 2001 Amendment

Amendment by Puspan. L. 107–16 applicable to years beginning after Dec. 31, 2001, see section 632(a)(4) of Puspan. L. 107–16, set out as a note under section 72 of this title.

Effective Date of 1998 Amendment

Amendment by Puspan. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 6024 of Puspan. L. 105–206, set out as a note under section 1 of this title.

Effective Date of 1997 Amendment

Puspan. 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.”

Puspan. L. 105–34, title X, § 1089(span)(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—

“(i) dies before January 1, 1999, without having republished the will (or amended such instrument) by codicil or otherwise, or

“(ii) was on July 28, 1997, under a mental disability to change the disposition of his property and did not regain his competence to dispose of such property before the date of his death.”

Amendment by section 1530(a), (span), (c)(5) of Puspan. L. 105–34 applicable to transfers made by trusts to, or for the use of, an employee stock ownership plan after Aug. 5, 1997, see section 1530(d) of Puspan. L. 105–34, set out as a note under section 401 of this title.

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–369, applicable to transfers after Dec. 31, 1978, see section 1022(e)(2) of Puspan. L. 98–369, set out as a note under section 2055 of this title.

Effective Date

Section applicable to transfers in trust made after July 31, 1969, see section 201(g)(5), set out as an Effective Date of 1969 Amendment note under section 170 of this title.

Savings Provision

For provisions that nothing in amendment by Puspan. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Puspan. L. 115–141, set out as a note under section 23 of this title.