§386 — Repealed. Pub. L. 100–647, title I, § 1006(e)(8)(A), Nov. 10, 1988, 102 Stat. 3401]
5 cases·1 distinguished·1 criticized·3 cited
Statute Text — 26 U.S.C. §386
[§ 386. Repealed. Pub. L. 100–647, title I, § 1006(e)(8)(A), Nov. 10, 1988, 102 Stat. 3401] Section, added Pub. L. 98–369, div. A, title I, § 75(a), July 18, 1984, 98 Stat. 594; amended Pub. L. 99–514, title XVIII, § 1805(c)(1), Oct. 22, 1986, 100 Stat. 2810, related to transfers of partnership and trust interests by corporations. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as an Effective Date of 1988 Amendment note under section 1 of this title.
5 Citing Cases
We disagree with petitioner’s assertion that the only factual statement that it made on its return was that it was in the business of investment.
§ 386B.4-020 (West 2018). The $300,000 bequest clearly met four of the five requirements. Respondent does not dispute that decedent had the capacity to create a trust, or that the bequest has a definite beneficiary (namely Ms. Creel), or that the trustee has clearly laid out duties to perform, or that the trustee and the beneficiary are different p