26 U.S.C. § 671

Trust income, deductions, and credits attributable to grantors and others as substantial owners

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Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor or the other person those items of income, deductions, and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under this chapter in computing taxable income or credits against the tax of an individual. Any remaining portion of the trust shall be subject to subparts A through D. No items of a trust shall be included in computing the taxable income and credits of the grantor or of any other person solely on the grounds of his dominion and control over the trust under section 61 (relating to definition of gross income) or any other provision of this title, except as specified in this subpart.

Notes of Decisions

Cited in 34 cases (2 in the last 5 years), 1961–2021 · leading case: In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016).

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In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016). · cites it 3× “” 15 The “grantor trust rules” referred to above are contained in 26 U.S.C. §§ 671 through 679. 16 By implication, a trust that is not a “grantor trust” is a “non-grantor trust,” and is treated as its own taxable entity under the Internal Revenue Code.”

Est. of Burton W. Kanter, Deceased, Joshua S. Kanter, & Naomi Kanter v. Comm'r of Internal Revenue, 337 F.3d 833 (7th Cir. 2003). · cites it 4× “26 U.S.C. §§ 671 , 674. The Tax Court also found that, in the alternative, Kanter’s borrowing of trust funds made him taxable on BRT’s income.”

United States v. Crockett, 435 F.3d 1305 (10th Cir. 2006). “These sections pertain to the treatment of trusts—specifically, that grantors of trusts may be considered owners of the trusts and include the trusts in the computation of individual taxable income. In his case-in-chief, Defendant elicited expert testimony from Ralph J.”

Kenneth A. Stoecklin v. Comm'r of Internal Revenue, 865 F.2d 1221 (11th Cir. 1989). · cites it 2× “The tax court found, alternatively, that the trust income could be attributed to Stoecklin under the grantor trust rules of 26 U.S.C. §§ 671 et seq., which require the trust to be treated as the property of the grantor when the grantor can exercise administrative powers over the…”

Ahern v. Thomas, 733 A.2d 756 (Conn. 1999). · cites it 2× “The “grantor trust” provisions of the Internal Revenue Code are found at 26 U.S.C. §§ 671 through 678. Those provisions enumerate circumstances in which the general rule that a trust is taxed as a separate entity is not followed on the theory that to apply the rule would…”

Kanter v. Comm'r, 590 F.3d 410 (7th Cir. 2009). “26 U.S.C. § 671 . There are several ways, outlined at 26 U.”

Bent v. Green, 466 A.2d 322 (Conn. Super. Ct. 1983). · cites it 2× “See 26 U.S.C. §§ 671 through 678. Moreover, at the time the plaintiff rendered the services to the defendant, i.”

Reddam v. Comm'r, 755 F.3d 1051 (9th Cir. 2014). “Because a grantor trust is disregarded as an entity for income tax purposes, see 26 U.S.C. § 671 , we refer to Reddam and the trust collectively as "Reddam.”

Sec. & Exch. Comm'n v. Wyly, 56 F. Supp. 3d 394 (S.D.N.Y. 2014). “26U.S.C. § 671. . Id. § 674(a). Section 672(a) defines adverse parly as “any person having a substantial beneficial interest in the trust which would be adversely affected by the exercise or nonexercise of the power which he possesses respecting the trust.”

McAllister v. Resolution Trust Corp., 201 F.3d 570 (5th Cir. 2000). “26 U.S.C. § 671 et seq. This requirement renders trusts so formed unfunded.”

Boise Cascade Corp. v. United States, 329 F.3d 751 (9th Cir. 2003). “However, 26 U.S.C. § 671 belies this assertion. It provides that no person may be treated as the owner of a trust based solely on the amount of dominion or control that person exercises over the trust.”

First Chicago Nbd Corp. v. Comm'r of Internal Revenue, 135 F.3d 457 (1st Cir. 1998). “Nor is a grantor trust, 26 U.S.C. § 671 . But a corporation is. Cross-sales may have been given special treatment because of the specific legislative history of section 304, see Rev.”

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