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 for pooled income funds
Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section
1976—Pub. L. 94–455substituted 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.
Effective Date of 1976 Amendment
Amendment of section by Pub. L. 94–455effective on Apr. 8, 1976, in taxable years ending on or after such date, see section 2131(f)(6) ofPub. L. 94–455, set out as a note under section
584 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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