undistributed net income

The term undistributed net income means for any taxable year the distributable net income of the trust for that year as determined under section 643(a), less:
(1) The amount of income required to be distributed currently and any other amounts properly paid or credited or required to be distributed to beneficiaries in the taxable year as specified in paragraphs (1) and (2) of section 661(a), and
(2) The amount of taxes imposed on the trust, as defined in ยง 1.665(d)-1.


26 CFR § 1.665(a)-1

Scoping language

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