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Treasury Regulations (26 C.F.R.)

26 CFR § 1.642(b)-1

Deduction for personal exemption.

Official textecfr.govlast amended

In lieu of the deduction for personal exemptions provided by section 151:

# (a)

An estate is allowed a deduction of $600,

# (b)

A trust which, under its governing instrument, is required to distribute currently all of its income for the taxable year is allowed a deduction of $300, and

# (c)

All other trusts are allowed a deduction of $100.

A trust which, under its governing instrument, is required to distribute all of its income currently is allowed a deduction of $300, even though it also distributes amounts other than income in the taxable year and even though it may be required to make distributions which would qualify for the charitable contributions deduction under section 642(c) (and therefore does not qualify as a “simple trust” under sections 651-652). A trust for the payment of an annuity is allowed a deduction of $300 in a taxable year in which the amount of the annuity required to be paid equals or exceeds all the income of the trust for the taxable year. For the meaning of the term income required to be distributed currently, see § 1.651(a)-2.

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In this part (40 sections)
  1. 1.636-2 · Production payments retained in leasing transactions.
  2. 1.636-3 · Definitions.
  3. 1.636-4 · Effective dates of section 636.
  4. 1.638-1 · Continental Shelf areas.
  5. 1.638-2 · Effective date.
  6. 1.639-1.640 · §§ 1.639-1.640 [Reserved]
  7. 1.641 · [Reserved]
  8. 1.641(a)-0 · Scope of subchapter J.
  9. 1.641(a)-1 · Imposition of tax; application of tax.
  10. 1.641(a)-2 · Gross income of estates and trusts.
  11. 1.641(b)-1 · Computation and payment of tax; deductions and credits of…
  12. 1.641(b)-2 · Filing of returns and payment of the tax.
  13. 1.641(b)-3 · Termination of estates and trusts.
  14. 1.641(c)-0 · Table of contents.
  15. 1.641(c)-1 · Electing small business trust.
  16. 1.642(a)(1)-1 · Partially tax-exempt interest.
  17. 1.642(a)(2)-1 · Foreign taxes.
  18. 1.642(a)(3)-1 · Dividends received by an estate or trust.
  19. 1.642(a)(3)-2 · Time of receipt of dividends by beneficiary.
  20. 1.642(a)(3)-3 · Cross reference.
  21. 1.642(b)-1 · Deduction for personal exemption.
  22. 1.642(c)-0 · Effective dates.
  23. 1.642(c)-1 · Unlimited deduction for amounts paid for a charitable…
  24. 1.642(c)-2 · Unlimited deduction for amounts permanently set aside for…
  25. 1.642(c)-3 · Adjustments and other special rules for determining…
  26. 1.642(c)-4 · Nonexempt private foundations.
  27. 1.642(c)-5 · Definition of pooled income fund.
  28. 1.642(c)-6 · Valuation of a remainder interest in property transferred…
  29. 1.642(c)-7 · Transitional rules with respect to pooled income funds.
  30. 1.642(d)-1 · Net operating loss deduction.
  31. 1.642(e)-1 · Depreciation and depletion.
  32. 1.642(f)-1 · Amortization deductions.
  33. 1.642(g)-1 · Disallowance of double deductions; in general.
  34. 1.642(g)-2 · Deductions included.
  35. 1.642(h)-1 · Unused loss carryovers on termination of an estate or…
  36. 1.642(h)-2 · Excess deductions on termination of an estate or trust.
  37. 1.642(h)-3 · Meaning of “beneficiaries succeeding to the property of…
  38. 1.642(h)-4 · Allocation.
  39. 1.642(h)-5 · Examples.
  40. 1.642(i)-1 · Certain distributions by cemetery perpetual care funds.
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