§ 683. Use of trust as an exchange fund

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1954

   Aug. 16, 1954, ch. 736, 68A Stat. 235 · 68A Stat. 235

   Enacted · 26 U.S.C. § 683

   Aug. 16, 1954, ch. 736, 68A Stat. 235

   Source evidence

   Code source credit
   Aug. 16, 1954, ch. 736, 68A Stat. 235

2. 1976

   Pub. L. 94–455 title XXI § 2131(e)(1) · 90 Stat. 1520

   Substituted · 26 U.S.C. § 683

   Pub. L. 94–455 substituted provisions relating to use of trust as an exchange fund for provisions setting forth rule that this part applies only to taxable years beginning after Dec. 31, 1953, and ending after the date of the enactment of this title and exceptions thereto

   Source evidence

   Code amendment note
   Pub. L. 94–455 substituted provisions relating to use of trust as an exchange fund for provisions setting forth rule that this part applies only to taxable years beginning after Dec. 31, 1953, and ending after the date of the enactment of this title and exceptions thereto.

   Enacted provision · exact public law section
   (1) In general.— Section 683 (relating to applicability of provisions) is amended to read as follows: “SEC. 683. USE OF TRUST AS AN EXCHANGE FUND. “(a) General Rule.— 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. “(b) Exception foe Pooled Income Funds.— Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).”

   Effective date note
   Amendment of section by Pub. L. 94–455 effective on Apr. 8, 1976, in taxable years ending on or after such date, see section 2131(f)(6) of Pub. L. 94–455, set out as a note under section 584 of this title.

1 of 2 references resolved to an enrolled provision · 1 partial