[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: 26CFR1.662(c)-1]

[Page 110]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.662(c)-1  Different taxable years.

    If a beneficiary has a different taxable year (as defined in section 
441 or 442) from the taxable year of an estate or trust, the amount he 
is required to include in gross income in accordance with section 662 
(a) and (b) is based upon the distributable net income of the estate or 
trust and the amounts properly paid, credited, or required to be 
distributed to the beneficiary for any taxable year or years of the 
estate or trust ending with or within his taxable year. This rule 
applies as to so-called short taxable years as well as taxable years of 
normal duration. Income of an estate or trust for its taxable year or 
years is determined in accordance with its method of accounting and 
without regard to that of the beneficiary.