[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR404.6048-1]

[Page 780-781]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 404_TEMPORARY REGULATIONS ON PROCEDURE AND ADMINISTRATION UNDER 
THE TAX REFORM ACT OF 1976--Table of Contents
 
Sec. 404.6048-1  Annual returns for foreign trusts with a United States 
beneficiary.




Sec.
404.6048-1 Annual returns for foreign trusts with a United States 
          beneficiary.
404.6334(d)-1 Minimum exemption from levy for wages, salary, or other 
          income.

    Authority: Sec. 7805, Internal Revenue Code of 1954 (68A Stat. 917; 
26 U.S.C. 7805).

[[Page 781]]


    (a) Return required--(1) In general. Each taxpayer subject to tax 
under section 679 with respect to a foreign trust having one or more 
United States beneficiaries must file Form 3520-A, Annual Return of 
Foreign Trust with U.S. Beneficiaries, together with any additional 
schedules or other information required by the form or the instructions 
to the form. Form 3520-A must be filed even if the taxpayer is treated 
as the owner of a foreign trust under both section 679 and some other 
provision of subpart E of part I of subchapter J.
    (2) Joint returns. If the taxpayer's spouse is also subject to tax 
under section 679 with respect to the same foreign trust for the same 
taxable year, and if both taxpayer and spouse file a joint return of 
income tax for that year, a single Form 3520-A may be filed jointly with 
respect to such trust for the year.
    (b) Period covered by return. The period covered by the return 
required by this section is the taxable year of the taxpayer required to 
file the return, regardless of the period used by the trust for 
accounting or any other purpose.
    (c) Time for filing--(1) In general. The return required by this 
section must be filed no later than the 15th day of the fourth month 
following the end of the taxable period covered by the return.
    (2) Transitional rule. In the case of a return required by this 
section for a taxable period ending on or before June 30, 1977, the 
return must be filed no later than--
    (i) October 15, 1977, in the case of a taxpayer treated as an owner 
with respect to the trust under both section 679 and a provision of 
sections 672 through 678, or
    (ii) December 31, 1977, in all other cases.
    (3) Extensions of time for filing. For rules relating to extensions 
of time for filing, see section 6081 and the regulations thereunder.
    (d) Place for filing. The return required by this section must be 
filed with the Director, Internal Revenue Service Center, 11601 
Roosevelt Boulevard, Philadelphia, PA 19155.
    (e) Effective date. This section is effective for taxable periods 
ending on or after December 31, 1976.

(Sec. 6048(c), Internal Revenue Code of 1954, 90 Stat. 1616 (26 U.S.C. 
6048(c)))

[T.D. 7502, 42 FR 41856, Aug. 19, 1977]