[Code of Federal Regulations]
[Title 26, Volume 12]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1493-1]

[Page 237]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1493-1  Definition of foreign trust.

    For taxable years beginning before January 1, 1967, a trust is to be 
considered a ``foreign trust'' within the meaning of chapter 5 of the 
Code, if, assuming a subsequent sale by the trustee, outside the United 
States and for cash, of the property transferred to the trust, the 
profit, if any, from such sale (being income from sources without the 
United States under the provisions of part I (section 861 and 
following), subchapter N, chapter 1 of the Code), would not be included 
in the gross income of the trust under subtitle A of the Code. For 
taxable years beginning after December 31, 1966, the term ``foreign 
trust,'' as used in chapter 5 of the Code, shall have the meaning 
prescribed by section 7701(a)(31).

[T.D. 7332, 39 FR 44230, Dec. 23, 1974]