§ 1.683-1 Applicability of provisions; general rule.§ 1.683-2 Exceptions.§ 1.683-3 Application of the 65-day rule of the Internal Revenue Code of 1939.
Amended 1976
- 1976 Pub. L. 94-455 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.
(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.
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(b) Exception for pooled income funds Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).