Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 676
Power to revoke
# (a)
General rule The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under any other provision of this part, where at any time the power to revest in the grantor title to such portion is exercisable by the grantor or a non-adverse party, or both.
# (b)
Power affecting beneficial enjoyment only after occurrence of event Subsection (a) shall not apply to a power the exercise of which can only affect the beneficial enjoyment of the income for a period commencing after the occurrence of an event such that a grantor would not be treated as the owner under section 673 if the power were a reversionary interest. But the grantor may be treated as the owner after the occurrence of such event unless the power is relinquished.
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Nearby sections (25 sections)
- 663 · Special rules applicable to sections 661 and 662
- 664 · Charitable remainder trusts
- 665 · Definitions applicable to subpart D
- 666 · Accumulation distribution allocated to preceding years
- 667 · Treatment of amounts deemed distributed by trust in preceding…
- 668 · Interest charge on accumulation distributions from foreign trusts
- 669 · [§669. Repealed. Pub. L. 94–455, title VII, §701(d)(1), Oct. 4,…
- 671 · Trust income, deductions, and credits attributable to grantors…
- 672 · Definitions and rules
- 673 · Reversionary interests
- 674 · Power to control beneficial enjoyment
- 675 · Administrative powers
- 676 · Power to revoke
- 677 · Income for benefit of grantor
- 678 · Person other than grantor treated as substantial owner
- 679 · Foreign trusts having one or more United States beneficiaries
- 681 · Limitation on charitable deduction
- 682 · [§682. Repealed. Pub. L. 115–97, title I, §11051(b)(1)(C), Dec.…
- 683 · Use of trust as an exchange fund
- 684 · Recognition of gain on certain transfers to certain foreign…
- 685 · Treatment of funeral trusts
- 691 · Recipients of income in respect of decedents
- 692 · Income taxes of members of Armed Forces, astronauts, and victims…
- 701 · Partners, not partnership, subject to tax
- 702 · Income and credits of partner