26 U.S.C. § 6034 — Returns by certain trusts
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 249 words · no verdicts yet
This section requires certain split-interest trusts and certain trusts claiming charitable deductions to provide information to the Secretary. It lists the information required and two exceptions.
(a) A trust described in section 4947(a)(2) must provide the information for the taxable year* that the Secretary* requires by form or regulation. (b)(1) A trust that is not required to file under (a) but claims a section 642(c) deduction must provide the information the Secretary requires, including: (A) the year's section 642(c) deduction; (B) amounts paid during the year for which deductions were taken in earlier years; (C) amounts for which earlier deductions were taken but that remained unpaid at the year's beginning; (D) principal paid in the current and earlier years for section 642(c) purposes; (E) the year's total income and related expenses; and (F) a beginning-of-year balance sheet showing assets, liabilities, and net worth. (2) These requirements do not apply if all net income, determined under trust-law principles, must currently be distributed to beneficiaries, or if the trust is described in section 4947(a)(1).
Every trust described in section 4947(a)(2) shall furnish such information with respect to the taxable year* as the Secretary* may by forms or regulations require.
Every trust not required to file a return under subsection (a) but claiming a deduction under section 642(c) for the taxable year shall furnish such information with respect to such taxable year as the Secretary may by forms or regulations prescribe, including—
the amount of the deduction taken under section 642(c) within such year,
the amount paid out within such year which represents amounts for which deductions under section 642(c) have been taken in prior years,
the amount for which such deductions have been taken in prior years but which has not been paid out at the beginning of such year,
the amount paid out of principal in the current and prior years for the purposes described in section 642(c),
the total income of the trust within such year and the expenses attributable thereto, and
a balance sheet showing the assets, liabilities, and net worth of the trust as of the beginning of such year.
Paragraph (1) shall not apply to a trust for any taxable year if—
all the net income for such year, determined under the applicable principles of the law of trusts, is required to be distributed currently to the beneficiaries, or
the trust is described in section 4947(a)(1).
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 742; Pub. L. 91–172, title I, § 101(j)(32)–(34), Dec. 30, 1969, 83 Stat. 529; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–603, § 1(d)(1), Dec. 28, 1980, 94 Stat. 3504; Pub. L. 99–514, title XV, § 1501(d)(1)(C), Oct. 22, 1986, 100 Stat. 2740; Pub. L. 109–280, title XII, § 1201(b)(1), Aug. 17, 2006, 120 Stat. 1064.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1969Amended · Pub. L. 91-172 · 83 Stat. 529
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
- 1980Amended · Pub. L. 96-603 · 94 Stat. 3504
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2740
- 2006Amended · Pub. L. 109-280 · 120 Stat. 1064
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
all 0 arguments · sorted by: best
no arguments yet — make the first case