California Probate Code 16101 – During any period when a trust is deemed to be a charitable trust or …
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During any period when a trust is deemed to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under Section 4942 of the Internal Revenue Code.
(Enacted by Stats. 1990, Ch. 79.)
Terms Used In California Probate Code 16101
- Charitable trust: means a charitable trust as described in Section 4947(a)(1) of the Internal Revenue Code. See California Probate Code 16100
- Private foundation: means a private foundation as defined in Section 509 of the Internal Revenue Code. See California Probate Code 16100
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- Trust: includes the following:
California Probate Code 82
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88