[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)-2]

[Page 12-13]
 
                       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)-2  Gross income of estates and trusts.

    The gross income of an estate or trust is determined in the same 
manner as that of an individual. Thus, the gross income of an estate or 
trust consists of all items of gross income received during the taxable 
year, including:
    (a) Income accumulated in trust for the benefit of unborn or 
unascertained persons or persons with contingent interests;
    (b) Income accumulated or held for future distribution under the 
terms of the will or trust;
    (c) Income which is to be distributed currently by the fiduciary to 
the beneficiaries, and income collected by a guardian of an infant which 
is to be held or distributed as the court may direct;

[[Page 13]]

    (d) Income received by estates of deceased persons during the period 
of administration or settlement of the estate; and
    (e) Income which, in the discretion of the fiduciary, may be either 
distributed to the beneficiaries or accumulated. The several classes of 
income enumerated in this section do not exclude others which also may 
come within the general purposes of section 641.