Application of tax
Charitable trusts
For purposes of part II of subchapter F of chapter 1 (other than section 508(a), (b), and (c)) and for purposes of this chapter, a trust which is not exempt from taxation under section 501(a), all of the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B), and for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522 (or the corresponding provisions of prior law), shall be treated as an organization described in section 501(c)(3). For purposes of section 509(a)(3)(A), such a trust shall be treated as if organized on the day on which it first becomes subject to this paragraph.
Split-interest trusts
Segregated amounts
For purposes of paragraph (2)(B), a trust with respect to which amounts are segregated shall separately account for the various income, deduction, and other items properly attributable to each of such segregated amounts.
Special rules
Regulations
The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section.
Limit to segregated amounts
If any amounts in the trust are segregated within the meaning of subsection (a)(2)(B) of this section, the value of the net assets for purposes of subsections (c)(2) and (g) of section 507 shall be limited to such segregated amounts.
Sections 4943 and 4944
Section 507
The provisions of section 507(a) shall not apply to a trust which is described in subsection (a)(2) by reason of a distribution of qualified employer securities (as defined in section 664(g)(4)) to an employee stock ownership plan (as defined in section 4975(e)(7)) in a qualified gratuitous transfer (as defined by section 664(g)).
Pub. L. 91–172, title I, § 101(b)83 Stat. 517Pub. L. 94–455, title XIX, § 1906(b)(13)(A)90 Stat. 1834Pub. L. 105–34, title XV, § 1530(c)(9)111 Stat. 1079Pub. L. 107–16, title V, § 542(e)(4)115 Stat. 85Pub. L. 108–357, title IV, § 413(c)(30)118 Stat. 1509Pub. L. 111–312, title III, § 301(a)124 Stat. 3300(Added , , ; amended , , ; , , ; , , ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 111–312Pub. L. 107–16, § 542(e)(4)2010—Subsec. (a)(2)(A). amended subsec. (a)(2)(A) to read as if amendment by , had never been enacted. See 2001 Amendment note below.
Pub. L. 108–3572004—Subsecs. (a)(1), (2), (b)(3). struck out “556(b)(2),” after “545(b)(2),” wherever appearing.
Pub. L. 107–16, § 542(e)(4)2001—Subsec. (a)(2)(A). , inserted “642(c),” after “170(f)(2)(B),”.
Pub. L. 105–341997—Subsec. (b)(4). added par. (4).
Pub. L. 94–4551976—Subsec. (b)(1). struck out “or his delegate” after “Secretary”.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–312section 301(e) of Pub. L. 111–312section 121 of this titleAmendment by applicable to estates of decedents dying, and transfers made after , except as otherwise provided, see , set out as an Effective and Termination Dates of 2010 Amendment note under .
Effective Date of 2004 Amendment
Pub. L. 108–357section 413(d)(1) of Pub. L. 108–357section 1 of this titleAmendment by applicable to taxable years of foreign corporations beginning after , and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end, see , set out as an Effective and Termination Dates of 2004 Amendments note under .
Effective Date of 2001 Amendment
Pub. L. 107–16section 542(f)(3) of Pub. L. 107–16section 121 of this titleAmendment by applicable to deductions for taxable years beginning after , see , set out as a note under .
Effective Date of 1997 Amendment
Pub. L. 105–34section 1530(d) of Pub. L. 105–34section 401 of this titleAmendment by applicable to transfers made by trusts to, or for the use of, an employee stock ownership plan after , see , set out as a note under .