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U.S. Code, Title 26, Internal Revenue Code
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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
If the amount of income required to be distributed currently exceeds the distributable net income of the trust for the taxable year, the deduction shall be limited to the amount of the distributable net income. For this purpose, the computation of distributable net income shall not include items of income which are not included in the gross income of the trust and the deductions allocable thereto.
(Aug. 16, 1954, ch. 736, 68A Stat. 219.)
Section Referred to in Other Sections
This section is referred to in sections 67, 642, 643, 652, 663 of this title.
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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 651. Deduction for Trusts Distributing Current Income Only," U.S. Code, Title 26, Internal Revenue Code in U.S. Code, Title 26, Internal Revenue Code (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed November 10, 2024, http://www.originalsources.com/Document.aspx?DocID=U7K4PWD23P76DZP.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 651. Deduction for Trusts Distributing Current Income Only." U.S. Code, Title 26, Internal Revenue Code, in U.S. Code, Title 26, Internal Revenue Code, Washington, D.C., Government Printing Office, 2002, Original Sources. 10 Nov. 2024. http://www.originalsources.com/Document.aspx?DocID=U7K4PWD23P76DZP.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 651. Deduction for Trusts Distributing Current Income Only' in U.S. Code, Title 26, Internal Revenue Code. cited in 2002, U.S. Code, Title 26, Internal Revenue Code, Government Printing Office, Washington, D.C.. Original Sources, retrieved 10 November 2024, from http://www.originalsources.com/Document.aspx?DocID=U7K4PWD23P76DZP.
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