[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.641(a)-1]

[Page 12]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.641(a)-1  Imposition of tax; application of tax.

    For taxable years beginning after December 31, 1970, section 641 
prescribes that the taxes imposed by section 1(d), as amended by the Tax 
Reform Act of 1969, shall apply to the income of estates or of any kind 
of property held in trust. For taxable years ending before January 1, 
1971, section 641 prescribes that the taxes imposed upon individuals by 
chapter 1 of the Code apply to the income of estates or of any kind of 
property held in trust. The rates of tax, the statutory provisions 
respecting gross income, and, with certain exceptions, the deductions 
and credits allowed to individuals apply also to estates and trust.

[T.D. 7117, 36 FR 9421, May 25, 1971]