§6032 — Returns of banks with respect to common trust funds
1 cases·1 cited
Statute Text — 26 U.S.C. §6032
Every bank (as defined in section 581) maintaining a common trust fund shall make a return for each taxable year, stating specifically, with respect to such fund, the items of gross income and the deductions allowed by subtitle A, and shall include in the return the names and addresses of the participants who would be entitled to share in the taxable income if distributed and the amount of the proportionate share of each participant. The return shall be executed in the same manner as a return made by a corporation pursuant to the requirements of sections 6012 and 6062.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.6032-1 Returns of banks with respect to common trust funds
- Treas. Reg. §Treas. Reg. §1.6032-1(a) Every bank (as defined in section 581) maintaining a common trust fund shall make a return of income of the common trust fund, regardless of the amount of its taxable income.
- Treas. Reg. §Treas. Reg. §1.6032-1(b) This section applies to returns filed on or after January 30, 2020.
- Treas. Reg. §Treas. Reg. §301.6032-1 Returns of banks with respect to common trust funds
1 Citing Cases
The Limited, Inc., and Consolidated Subsidiaries v. Commissioner of Internal Revenue