§683 — Use of trust as an exchange fund
10 cases·1 distinguished·9 cited
Statute Text — 26 U.S.C. §683
Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor.
Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.683-1 Applicability of provisions; general rule
- Treas. Reg. §Treas. Reg. §1.683-2 Exceptions
- Treas. Reg. §Treas. Reg. §1.683-2(a) In the case of any beneficiary of an estate or trust, sections 641 through 682 do not apply to any amount paid, credited, or to be distributed by an estate or trust in any taxable year of the estate or trust which begins before January 1, 1954, or which ends before August 17, 1954.
- Treas. Reg. §Treas. Reg. §1.683-2(b) For purposes of determining the time of receipt of dividends under sections 34 (for purposes of the credit for dividends received on or before December 31, 1964) and 116, the dividends paid, credited, or to be distributed to a beneficiary are deemed to have been received by the beneficiary ratably on the same dates that the dividends were received by the estate or trust.
- Treas. Reg. §Treas. Reg. §1.683-2(c) §1.683-2(c)
- Treas. Reg. §Treas. Reg. §1.683-3 Application of the 65-day rule of the Internal Revenue Code of 1939
10 Citing Cases
683, the legal title owner] may convey the legal title to himselfand another as he is the sole owner ofwhat he conveys, i.e. the legal title." Lowenthal v. Kuntz, 231 P.2d 62, 64 (Cal. App. 2d 1951). Petitioner is not the legal title owner and has failed to prove that she is an equitable title owner. The Kam Court property deed lists only peti
ommerce, 472 U.S. 713, 722. (1985); Aquilino v. United States, 363 U.S. 509, 513 (1960). The pertinent -California statutory provision defining a joint tenancy and describing the method of its creation, Cal. Civ. Code sec: 683 (West 2007), provides: § 683. Joint tenancy; definition; method of creation (a) A joint interest is one owned by two or more persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to be a joint tenancy, or
683 (West 1984). 3 Community property is defined as "property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either." Cal. Civ. Code sec. 687 (West 1982). - 8 - Under California law, property acquired by spouses during wedlock is statutorily presumed to be community property. Cal. Civ.
683 (West 1984).] Community property is defined as “property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either.” Cal. Civ. Code sec. 687 (West 1982). California Civ. Code sec. 5110.710 (West 1983) was repealed in 1993, but it was continued in California Fam. Code sec. 850(b) (West 19
equirement which enables courts to validate transmutations without resort to extrinsic evidence and, thus, without encouraging perjury and the proliferation of litigation. Third, it is consistent with our interpretation of the similar requirement in section 683. [Id. at 918; fn. ref. omitted.6] 6 In this allusion to California Civil Code sec. 683, the California Supreme Court is referring to California Trust Co. v. (continued...) - 11 - Although the writing need not contain the words "transmutat