In general
Exception
Subsection (a) shall not apply to a transfer to a trust by a United States person to the extent that any person is treated as the owner of such trust under section 671.
Treatment of trusts which become foreign trusts
If a trust which is not a foreign trust becomes a foreign trust, such trust shall be treated for purposes of this section as having transferred, immediately before becoming a foreign trust, all of its assets to a foreign trust.
Pub. L. 105–34, title XI, § 1131(b)111 Stat. 978Pub. L. 107–16, title V, § 542(e)(1)(A)115 Stat. 84Pub. L. 111–312, title III, § 301(a)124 Stat. 3300(Added , , ; amended –(C), , , 85; , , .)
Editorial Notes
Codification
section 1131(b) of Pub. L. 105–34Another amended sections 367, 721, and 1035 of this title.
Amendments
Pub. L. 111–312Pub. L. 107–16, § 542(e)(1)(A)Exceptions2010— amended catchline, introductory provisions of subsec. (a), and subsec. (b) to read as if amendment by –(C), had never been enacted. See 2001 Amendment note below. Prior to amendment, subsec. (b) read as follows: “.—
Transfers to certain trusts“(1) .—Subsection (a) shall not apply to a transfer to a trust by a United States person to the extent that any United States person is treated as the owner of such trust under section 671.
Lifetime transfers to nonresident aliens“(2) .—Subsection (a) shall not apply to a lifetime transfer to a nonresident alien.”
Pub. L. 107–16, § 542(e)(1)(A)2001—–(C), amended section by inserting “and nonresident aliens” after “estates” in section catchline and “or to a nonresident alien” after “or trust” in introductory provisions of subsec. (a) and amending subsec. (b) generally. Prior to amendment, text of subsec. (b) read as follows: “Subsection (a) shall not apply to a transfer to a trust by a United States person to the extent that any person is treated as the owner of such trust under section 671.”
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 2001 Amendment
Pub. L. 107–16section 542(f)(2) of Pub. L. 107–16section 121 of this titleAmendment by applicable to transfers after , see , set out as a note under .