Treasury Regulations (26 C.F.R.)
26 CFR § 1.642(a)(1)-1
Partially tax-exempt interest.
An estate or trust is allowed the credit against tax for partially tax-exempt interest provided by section 35 only to the extent that the credit does not relate to interest properly allocable to a beneficiary under section 652 or 662 and the regulations thereunder. A beneficiary of an estate or trust is allowed the credit against tax for partially tax-exempt interest provided by section 35 only to the extent that the credit relates to interest properly allocable to him under section 652 or 662 and the regulations thereunder. If an estate or trust holds partially tax-exempt bonds and elects under section 171 to treat the premium on the bonds as amortizable, the credit allowable under section 35, with respect to the bond interest (whether allowable to the estate or trust or to the beneficiary), is reduced under section 171(a)(3) by reducing the shares of the interest allocable, respectively, to the estate or trust and its beneficiary by the portion of the amortization deduction attributable to the shares.
Source: view the official text
In this part (40 sections)
- 1.631-1 · Election to consider cutting as sale or exchange.
- 1.631-2 · Gain or loss upon the disposal of timber under cutting…
- 1.631-3 · Gain or loss upon the disposal of coal or domestic iron ore…
- 1.632-1 · Tax on sale of oil or gas properties.
- 1.636-1 · Treatment of production payments as loans.
- 1.636-2 · Production payments retained in leasing transactions.
- 1.636-3 · Definitions.
- 1.636-4 · Effective dates of section 636.
- 1.638-1 · Continental Shelf areas.
- 1.638-2 · Effective date.
- 1.639-1.640 · §§ 1.639-1.640 [Reserved]
- 1.641 · [Reserved]
- 1.641(a)-0 · Scope of subchapter J.
- 1.641(a)-1 · Imposition of tax; application of tax.
- 1.641(a)-2 · Gross income of estates and trusts.
- 1.641(b)-1 · Computation and payment of tax; deductions and credits of…
- 1.641(b)-2 · Filing of returns and payment of the tax.
- 1.641(b)-3 · Termination of estates and trusts.
- 1.641(c)-0 · Table of contents.
- 1.641(c)-1 · Electing small business trust.
- 1.642(a)(1)-1 · Partially tax-exempt interest.
- 1.642(a)(2)-1 · Foreign taxes.
- 1.642(a)(3)-1 · Dividends received by an estate or trust.
- 1.642(a)(3)-2 · Time of receipt of dividends by beneficiary.
- 1.642(a)(3)-3 · Cross reference.
- 1.642(b)-1 · Deduction for personal exemption.
- 1.642(c)-0 · Effective dates.
- 1.642(c)-1 · Unlimited deduction for amounts paid for a charitable…
- 1.642(c)-2 · Unlimited deduction for amounts permanently set aside for…
- 1.642(c)-3 · Adjustments and other special rules for determining…
- 1.642(c)-4 · Nonexempt private foundations.
- 1.642(c)-5 · Definition of pooled income fund.
- 1.642(c)-6 · Valuation of a remainder interest in property transferred…
- 1.642(c)-7 · Transitional rules with respect to pooled income funds.
- 1.642(d)-1 · Net operating loss deduction.
- 1.642(e)-1 · Depreciation and depletion.
- 1.642(f)-1 · Amortization deductions.
- 1.642(g)-1 · Disallowance of double deductions; in general.
- 1.642(g)-2 · Deductions included.
- 1.642(h)-1 · Unused loss carryovers on termination of an estate or…