[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: 26CFR1.674(d)-1]

[Page 301]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.674(d)-1  Excepted powers exercisable by any trustee other than 
grantor or spouse.

    Section 674(d) provides an additional exception to the general rule 
of section 674(a) for a power to distribute, apportion, or accumulate 
income to or for a beneficiary or beneficiaries or to, for, or within a 
class of beneficiaries, whether or not the conditions of section 674(b) 
(6) or (7) are satisfied, if the power is solely exercisable (without 
the approval or consent of any other person) by a trustee or trustees 
none of whom is the grantor or spouse living with the grantor, and if 
the power is limited by a reasonably definite external standard set 
forth in the trust instrument (see paragraph (b)(5) of Sec. 1.674(b)-1 
with respect to what constitutes a reasonably definite standard). See, 
however, the limitations set forth in Sec. 1.674(d)-2.