Federal Regulations – Benson Financial

Federal Regulationsadmin2024-04-10T04:59:13+00:00

Federal Treasury
Code of Federal Regulations

26 CFR § 1.643(b)-2

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(A) “IRS.GOV – Tax code, regulations, and official guidance”

🔴 VIEW PAGE ▷ https://www.irs.gov/privacy-disclosure/tax-code-regulations-and-official-guidance

(… Next, use the ▷ Advanced Search feature to search only in Title 26 for a specific term. For example, you can search for “child tax credit” in Title 26 to find section 24 of the IRC, shown as 26 USC 24.)

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(B) “Office of the Law Revision Counsel – UNITED STATES CODE”

🔴 VIEW PAGE ▷ https://uscode.house.gov/browse.xhtml

→ Title 26—Internal Revenue Code

→ Subtitle A—Income Taxes

→ CHAPTER 1—NORMAL TAXES AND SURTAXES

→ Subchapter J—Estates, Trusts, Beneficiaries, and Decedents (sections 641 to 692)

→ PART I—ESTATES, TRUSTS, AND BENEFICIARIES (sections 641 to 685)

→ Subpart A—General Rules for Taxation of Estates and Trusts (sections 641 to 646)

→ Sec. 643. Definitions applicable to subparts A, B, C, andD

→ §643. Definitions applicable to subparts A, B, C, and D

🔴 VIEW THE §643 CODE ▷ https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section643&num=0&edition=prelim

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“26 CFR § 1.643(b)-2 Dividends allocated to corpus.”

Extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law are not considered “income” for purposes of subpart A, B, C, or D, part I, subchapter J, chapter 1 of the Code. See section 643(a)(4), § 1.643(a)–4, § 1.643(d)–2, section 665(e), paragraph (b) of § 1.665(e)–1, and paragraph (b) of § 1.665(e)–1A for the treatment of such items in the computation of distributable net income.

[T.D. 7204, 37 FR 17134, Aug. 25, 1972]

🔴 VIEW THE § 1.643(b)-2 CODE ▷ https://www.law.cornell.edu/cfr/text/26/1.643(b)-2

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NOTICE: Benson Financial US Business Trust (“BENSON”) strongly encourages the purchasers of a Benson Trusts Product to be mindful of all rules and regulations that apply and should be followed in structuring, implementing, and operating any of the various Benson Trust Products. Accordingly, Benson strongly urges each trustee and/or their authorized agent or representative to at all times be knowledgeable of, and compliant in all material respects with the provisions of Trust by: (1) not engaging in any type of fraudulent activity in connection with the administration of the Trust, (2) not taking any action in contravention to the Trust, local law, state law, and/or federal law, (3) timely filing an accurate income tax return with the Internal Revenue Service (and where required the filing of an accurate income tax return with all local and state governments), and (4) not understating income or overstating a deduction on an income tax return. By purchasing a Benson Trust Product, directly or indirectly, the purchaser agrees that he, she, it, is solely responsible for consulting with their own tax advisor as to the tax consequences associated with the income and principal distributions made from this trust and that you the purchaser assume sole responsibility, to the complete exclusion of Benson for the tax consequences resulting from the use of the Benson trust product including specifically with respect to income and principal distribution and IRC Section 643 treatment and application. The tax rules governing Non-Grantor, Irrevocable, Complex, Discretionary, Spendthrift Trusts are complex, change frequently, and depend on each individual taxpayer’s situation. By purchasing A Benson Trust Product, you the purchaser acknowledge that any tax liability or other tax consequences to you resulting from the establishment of this trust is solely your responsibility. Purchaser further acknowledges that he, she, or it, bears sole responsibility for the structure, implementation, and operation of any of the various Benson products purchased by you, directly or indirectly, and that you, to the express exclusion of Benson, shall bear sole responsibility for any adverse consequences for improperly structuring, implementing, and operating, a Benson Trust Product or otherwise improperly using a Benson trust product.

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