PART 5. COMPLIANCE WITH INTERNAL REVENUE CODE [21500. - 21541.]

Part 5 enacted by Stats. 1990, Ch. 79.

§§ 21500–21541 · 13 sections

1. CHAPTER 1. General Provisions §§ 21500–21503 · 4 sections

   • § 21500 As used in this part, “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time. A reference to a provision of the Internal…
   • § 21501 (a) This part applies to a distribution made on or after January 1, 1988, whether the transferor died before, on, or after that date. (b) A distribution made…
   • § 21502 (a) This part does not apply to an instrument the terms of which expressly or by necessary implication make this part inapplicable. (b) By an appropriate…
   • § 21503 (a) If an instrument includes a formula intended to eliminate the federal estate tax, the formula shall be applied to eliminate or to reduce to the maximum…
2. CHAPTER 2. Marital Deduction Gifts §§ 21520–21526 · 7 sections

   • § 21520 As used in this chapter: (a) “Marital deduction” means the federal estate tax deduction allowed for transfers under Section 2056 of the Internal Revenue Code…
   • § 21521 Sections 21524 and 21526 do not apply to a trust that qualifies for the marital deduction under Section 20.2056(e)-2(b) of the Code of Federal Regulations…
   • § 21522 If an instrument contains a marital deduction gift: (a) The provisions of the instrument, including any power, duty, or discretionary authority given to a…
   • § 21523 (a) The Economic Recovery Tax Act of 1981 was enacted August 13, 1981. This section applies to an instrument executed before September 12, 1981 (before 30 days…
   • § 21524 If a marital deduction gift is made in trust, in addition to the other provisions of this chapter, each of the following provisions also applies to the marital…
   • § 21525 (a) If an instrument that makes a marital deduction gift includes a condition that the transferor’s spouse survive the transferor by a period that exceeds or…
   • § 21526 A fiduciary is not liable for a good faith decision to make any election, or not to make any election, referred to in Section 2056(b)(7) or Section 2523(f) of…
3. CHAPTER 3. Charitable Gifts §§ 21540–21541 · 2 sections

   • § 21540 If an instrument indicates the transferor’s intention to comply with the Internal Revenue Code requirements for a charitable remainder unitrust or a charitable…
   • § 21541 If an instrument indicates the transferor’s intention to comply with the requirements for a charitable lead trust as described in Section 170(f)(2)(B) and…