26 U.S. Code § 6048 - Information with respect to certain foreign trusts
Subparagraph (A)(ii) shall not apply to any transfer of property to a trust in exchange for consideration of at least the fair market value of the transferred property. For purposes of the preceding sentence, consideration other than cash shall be taken into account at its fair market value and the rules of section 679(a)(3) shall apply.
Rules similar to the rules of paragraphs (2) and (4) of section 6038A(e) shall apply for purposes of this paragraph.
If adequate records are not provided to the Secretary to determine the proper treatment of any distribution from a foreign trust, such distribution shall be treated as an accumulation distribution includible in the gross income of the distributee under chapter 1. To the extent provided in regulations, the preceding sentence shall not apply if the foreign trust elects to be subject to rules similar to the rules of subsection (b)(2)(B).
For purposes of this section, in determining whether a United States person makes a transfer to, or receives a distribution from, a foreign trust, the fact that a portion of such trust is treated as owned by another person under the rules of subpart E of part I of subchapter J of chapter 1 shall be disregarded.
Rules similar to the rules of section 6034A(c) shall apply to items reported by a trust under subsection (b)(1)(B) and to United States persons referred to in such subsection.
2010—Subsec. (b)(1). Pub. L. 111–147 inserted “shall submit such information as the Secretary may prescribe with respect to such trust for such year and” before “shall be responsible to ensure” in introductory provisions.
1997—Subsec. (b). Pub. L. 105–34, § 1601(i)(1), substituted “owner” for “grantor” in heading.
Subsec. (d)(5). Pub. L. 105–34, § 1027(b), added par. (5).
1996—Pub. L. 104–188 amended section generally, substituting provisions calling for improved information reporting on foreign trusts for provisions calling for the filing of returns as to foreign trusts, prescribing the form and contents of such returns, and requiring annual returns for foreign trusts with one or more United States beneficiaries.
1982—Subsec. (a). Pub. L. 97–248 inserted “(or on or before such later day as the Secretary may by regulations prescribe)” after “the 90th day”.
1976—Pub. L. 94–455, § 1013(e)(4), struck out “creation of or transfer to” after “Returns as to” in section catchline.
Subsec. (b). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsecs. (c), (d). Pub. L. 94–455, § 1013(d)(1), (e)(3), added subsec. (c), redesignated former subsec. (c) as (d), and in subsec. (d) struck out cross reference to section 643(d) for definition of “foreign trust created by a United States person”.
Amendment by section 1027(b) of Pub. L. 105–34 applicable to returns of beneficiaries and owners filed after Aug. 5, 1997, see section 1027(c) of Pub. L. 105–34, set out as a note under section 6034A of this title.
Amendment by section 1601(i)(1) of Pub. L. 105–34 effective as if included in the provisions of the Small Business Job Protection Act of 1996, Pub. L. 104–188, to which it relates, see section 1601(j) of Pub. L. 105–34, set out as a note under section 23 of this title.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
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- Returns as to Certain Foreign Trusts : 2017-09-08
- Penalty : 2017-09-08
- Returns as to Organization or Reorganization of Foreign Corporations and as to Acquisitions of Their Stock : 2017-09-08
- Authority : 2017-09-08
- Failure to File Returns, etc., With Respect to Foreign Corporations or Foreign Partnership : 2017-09-08
- Returns as to Certain Foreign Trusts : 2014-01-10
- Returns as to Certain Foreign Trusts : 2012-02-24
- Returns as to Certain Foreign Trusts : 2011-12-16
- Persons Treated as Grantors : 2004-11-05
- Power to Control Beneficial Enjoyment : 2004-11-05
- Transfers to Foreign Trusts : 2004-11-05
- Party Required to File : 2004-11-05
- Income Distributed to Grantor or Spouse : 2004-11-05
- Requirement for Filing Return : 2004-11-05
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