[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: 26CFR1.663(a)-3]

[Page 115]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.663(a)-3  Denial of double deduction.

    No amount deemed to have been distributed to a beneficiary in a 
preceding year under section 651 or 661 is included in amounts falling 
within section 661(a) or 662(a). For example, assume that all of the 
income of a trust is required to be distributed currently to beneficiary 
A and both the trust and A report on the calendar year basis. For 
administrative convenience, the trustee distributes in January and 
February 1956 a portion of the income of the trust required to be 
distributed in 1955. The portion of the income for 1955 which was 
distributed by the trust in 1956 may not be claimed as a deduction by 
the trust for 1956 since it is deductible by the trust and includible in 
A's gross income for the taxable year 1955.