Treasury Regulations (26 C.F.R.)
26 CFR § 1.668(b)-1
Credit for taxes paid by the trust.
# (a)
The taxes imposed on a complex trust for a taxable year which would not have been payable by the trust if amounts deemed under section 666 to have been distributed in the year had in fact been distributed in the year are not allowable as a refund to the trust but are allowable as a credit against the tax of the beneficiaries to whom the amounts described in section 666(a) are distributed.
# (b)
The credit to which a beneficiary is entitled under section 668(b) is allowed for the taxable year in which the accumulation distribution (to which the credit relates) is required to be included in the gross income of the beneficiary. Any excess over the total tax liability of the beneficiary is treated as an overpayment of tax by the beneficiary.
# (c)
The beneficiary is entitled to a portion of the credit described in paragraph (a) of this section in the ratio which the amount of the accumulation distribution to him bears to the accumulation distributions to all the beneficiaries.
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In this part (40 sections)
- 1.666(c)-2A · Illustration of the provisions of section 666 (a), (b),…
- 1.666(d)-1A · Information required from trusts.
- 1.666(a)-1 · Amount allocated.
- 1.666(b)-1 · Total taxes deemed distributed.
- 1.666(c)-1 · Pro rata portion of taxes deemed distributed.
- 1.666(c)-2 · Illustration of the provisions of section 666.
- 1.667-1 · Denial of refund to trusts.
- 1.667(a)-1A · [Reserved]
- 1.667(b)-1A · Authorization of credit to beneficiary for taxes imposed…
- 1.668(a)-1A · Amounts treated as received in prior taxable years;…
- 1.668(a)-2A · Allocation among beneficiaries; in general.
- 1.668(a)-3A · Determination of tax.
- 1.668(b)-1A · Tax on distribution.
- 1.668(b)-2A · Special rules applicable to section 668.
- 1.668(b)-3A · Computation of the beneficiary's income and tax for a…
- 1.668(b)-4A · Information requirements with respect to beneficiary.
- 1.668(a)-1 · Amounts treated as received in prior taxable years;…
- 1.668(a)-2 · Allocation among beneficiaries; in general.
- 1.668(a)-3 · Excluded amounts.
- 1.668(a)-4 · Tax attributable to throwback.
- 1.668(b)-1 · Credit for taxes paid by the trust.
- 1.668(b)-2 · Illustration of the provisions of subpart D.
- 1.669(a)-1 · Limitation on tax.
- 1.669(a)-2 · Rules applicable to section 669 computations.
- 1.669(a)-3 · Tax computed by the exact throwback method.
- 1.669(a)-4 · Tax attributable to short-cut throwback method.
- 1.669(b)-1 · Information requirements.
- 1.669(b)-2 · Manner of exercising election.
- 1.664-4A · Valuation of charitable remainder interests for which the…
- 1.665(a)-0A · Excess distributions by trusts; scope of subpart D.
- 1.665(a)-1A · Undistributed net income.
- 1.665(b)-1A · Accumulation distributions.
- 1.665(b)-2A · Special rules for accumulation distributions made in…
- 1.665(c)-1A · Special rule applicable to distributions by certain…
- 1.665(d)-1A · Taxes imposed on the trust.
- 1.665(e)-1A · Preceding taxable year.
- 1.665(f)-1A · [Reserved]
- 1.665(g)-1A · [Reserved]
- 1.665(g)-2A · Application of separate share rule.
- 1.671-1 · Grantors and others treated as substantial owners; scope.