26 CFR 1.584-3
§ 1.584-3 Computation of common trust fund income.
United States · 26 CFR — Internal Revenue · Status: effective
Cite this
- Citation
- 26 CFR 1.584-3, § 1.584-3 Computation of common trust fund income, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/110469
- Permanent ID
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Full text
The taxable income of the common trust fund shall be computed in the same manner and on the same basis as in the case of an individual, except that:
(a) No deduction shall be allowed under section 170 (relating to charitable, etc., contributions and gifts);
(b) The gains and losses from sales or exchanges of capital assets of the common trust fund are required to be segregated. A common trust fund is not allowed the benefit of the capital loss carryover provided by section 1212; and
(c) The ordinary taxable income (the excess of the gross income over deductions) or the ordinary net loss (the excess of the deductions over the gross income) shall be computed after excluding all items of gain and loss from sales or exchanges of capital assets.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.