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26 U.S.C. § 683 — Use of trust as an exchange fund

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 78 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section governs use of trust as an exchange fund. It sets the rules stated in the section.

(a) General rule Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor. (b) Exception for pooled income funds Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).
the actual law source: uscode.house.gov ↗public domain
(a) General rule

Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor.

(b) Exception for pooled income funds

Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 235; Pub. L. 94–455, title XXI, § 2131(e)(1), Oct. 4, 1976, 90 Stat. 1924.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1924

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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