26 U.S.C. § 4947
Application of taxes to certain nonexempt trusts
# (a) Application of tax
(1) 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.
(2) Split-interest trusts In the case of a trust which is not exempt from tax under section 501(a), not all of the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B), and which has amounts in trust for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522, section 507 (relating to termination of private foundation status), section 508(e) (relating to governing instruments) to the extent applicable to a trust described in this paragraph, section 4941 (relating to taxes on self-dealing), section 4943 (relating to taxes on excess business holdings) except as provided in subsection (b)(3), section 4944 (relating to investments which jeopardize charitable purpose) except as provided in subsection (b)(3), and section 4945 (relating to taxes on taxable expenditures) shall apply as if such trust were a private foundation. This paragraph shall not apply with respect to— (A) any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B), (B) any amounts in trust other than amounts for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522, if such other amounts are segregated from amounts for which no deduction was allowable, or (C) any amounts transferred in trust before May 27, 1969 .
(3) 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.
# (b) Special rules
(1) Regulations The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section.
(2) 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.
(3) Sections 4943 and 4944 Sections 4943 and 4944 shall not apply to a trust which is described in subsection (a)(2) if— (A) all the income interest (and none of the remainder interest) of such trust is devoted solely to one or more of the purposes described in section 170(c)(2)(B), and all amounts in such trust for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522 have an aggregate value not more than 60 percent of the aggregate fair market value of all amounts in such trusts, or (B) a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522 for amounts payable under the terms of such trust to every remainder beneficiary but not to any income beneficiary.
(4) 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)).
Source: view the official text
Cited by 55
- 26 CFR § 1.1473-1 — Section 1473 definitions.
- 26 CFR § 1.170A-6 — Charitable contributions in trust.
- 26 CFR § 1.170A-9 — Definition of section 170(b)(1)(A) organization.
- 26 CFR § 1.507-3 — Special rules; transferee foundations.
- 26 CFR § 1.508-1 — Notices.
- 26 CFR § 1.508-2 — Disallowance of certain charitable, etc., deductions.
- 26 CFR § 1.508-3 — Governing instruments.
- 26 CFR § 1.509(a)-3 — Broadly, publicly supported organizations.
- 26 CFR § 1.509(a)-4 — Supporting organizations.
- 26 CFR § 1.509(a)-5 — Special rules of attribution.
- 26 CFR § 1.6012-3 — Returns by fiduciaries.
- 26 CFR § 1.6033-2 — Returns by exempt organizations and returns by certain nonexempt organizations.
Show 43 more
- 26 CFR § 1.6033-3 — Additional provisions relating to private foundations.
- 26 CFR § 1.6033-6 — Notification requirement for entities not required to file an annual information return under section 6033(a)(1) (taxable years beginning after December 31, 2006).
- 26 CFR § 1.6034-1 — Information returns required of trusts described in section 4947(a)(2) or claiming charitable or other deductions under section 642(c).
- 26 CFR § 1.6049-4 — Return of information as to interest paid and original issue discount includible in gross income after December 31, 1982.
- 26 CFR § 1.6049-7 — Returns of information with respect to REMIC regular interests and collateralized debt obligations.
- 26 CFR § 1.642(c)-1 — Unlimited deduction for amounts paid for a charitable purpose.
- 26 CFR § 1.642(c)-2 — Unlimited deduction for amounts permanently set aside for a charitable purpose.
- 26 CFR § 1.642(c)-4 — Nonexempt private foundations.
- 26 CFR § 1.642(c)-5 — Definition of pooled income fund.
- 26 CFR § 1.664-1 — Charitable remainder trusts.
- 26 CFR § 1.664-2 — Charitable remainder annuity trust.
- 26 CFR § 1.664-3 — Charitable remainder unitrust.
- 26 CFR § 20.2055-2 — Transfers not exclusively for charitable purposes.
- 26 CFR § 20.2055-5 — Disallowance of charitable, etc., deductions in the case of decedents dying after December 31, 1969.
- 26 CFR § 25.2522(c)-2 — Disallowance of charitable, etc., deductions in the case of gifts made after December 31, 1969.
- 26 CFR § 25.2522(c)-3 — Transfers not exclusively for charitable, etc., purposes in the case of gifts made after July 31, 1969.
- 26 CFR § 301.6033-4 — Required filing in electronic form for returns by organizations required to file returns under section 6033.
- 26 CFR § 301.6034-1 — Returns by trusts described in section 4947(a)(2) or claiming charitable or other deductions under section 642(c).
- 26 CFR § 301.6104(d)-1 — Public inspection and distribution of applications for tax exemption and annual information returns of tax-exempt organizations.
- 26 CFR § 301.6501(n)-1 — Special rules for chapter 42 and similar taxes.
- 26 CFR § 301.6652-2 — Failure by exempt organizations and certain nonexempt organizations to file certain returns or to comply with section 6104(d) for taxable years beginning after December 31, 1969.
- 26 CFR § 53.4940-1 — Excise tax on net investment income.
- 26 CFR § 53.4941(d)-1 — Definition of self-dealing.
- 26 CFR § 53.4942(a)-2 — Computation of undistributed income.
- 26 CFR § 53.4943-3 — Determination of excess business holdings.
- 26 CFR § 53.4943-4 — Present holdings.
- 26 CFR § 53.4943-8 — Business holdings; constructive ownership.
- 26 CFR § 53.4945-5 — Grants to organizations.
- 26 CFR § 53.4945-6 — Expenditures for noncharitable purposes.
- 26 CFR § 53.4947-1 — Application of tax.
- 26 CFR § 53.4947-2 — Special rules.
- 26 CFR § 53.6011-1 — General requirement of return, statement or list.
- 26 CFR § 53.6071-1 — Time for filing returns.
- 26 CFR § 53.6651-1 — Failure to file tax return or to pay tax.
- 26 CFR § 601.201 — Rulings and determinations letters.
- 26 U.S.C. § 1473 — Definitions
- 26 U.S.C. § 2055 — Transfers for public, charitable, and religious uses
- 26 U.S.C. § 4943 — Taxes on excess business holdings
- 26 U.S.C. § 508 — Special rules with respect to section 501(c)(3) organizations
- 26 U.S.C. § 6033 — Returns by exempt organizations
- 26 U.S.C. § 6034 — Returns by certain trusts
- 26 U.S.C. § 6049 — Returns regarding payments of interest
- 26 U.S.C. § 644 — Taxable year of trusts
Nearby sections (25 sections)
- 4905 · Liability in case of death or change of location
- 4906 · Application of State laws
- 4907 · Federal agencies or instrumentalities
- 4911 · Tax on excess expenditures to influence legislation
- 4912 · Tax on disqualifying lobbying expenditures of certain…
- 4940 · Excise tax based on investment income
- 4941 · Taxes on self-dealing
- 4942 · Taxes on failure to distribute income
- 4943 · Taxes on excess business holdings
- 4944 · Taxes on investments which jeopardize charitable purpose
- 4945 · Taxes on taxable expenditures
- 4946 · Definitions and special rules
- 4947 · Application of taxes to certain nonexempt trusts
- 4948 · Application of taxes and denial of exemption with respect to…
- 4951 · Taxes on self-dealing
- 4952 · Taxes on taxable expenditures
- 4953 · Tax on excess contributions to black lung benefit trusts
- 4955 · Taxes on political expenditures of section 501(c)(3)…
- 4958 · Taxes on excess benefit transactions
- 4959 · Taxes on failures by hospital organizations
- 4960 · Tax on excess tax-exempt organization executive compensation
- 4961 · Abatement of second tier taxes where there is correction
- 4962 · Abatement of first tier taxes in certain cases
- 4963 · Definitions
- 4965 · Excise tax on certain tax-exempt entities entering into…