[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: 26CFR1.643(b)-2] [Page 61] TITLE 26--INTERNAL REVENUE CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PART 1_INCOME TAXES--Table of Contents Sec. 1.643(b)-2 Dividends allocated to corpus. Extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law are not considered ``income'' for purposes of subpart A, B, C, or D, part I, subchapter J, chapter 1 of the Code. See section 643(a)(4), Sec. 1.643(a)-4, Sec. 1.643(d)-2, section 665(e), paragraph (b) of Sec. 1.665(e)-1, and paragraph (b) of Sec. 1.665(e)-1A for the treatment of such items in the computation of distributable net income. [T.D. 7204, 37 FR 17134, Aug. 25, 1972]