Rev. Rul. 81-102
Rev. Rul. 81-102; 1981-1 C.B. 369
- Cross-Reference
26 CFR 1.584-1: Common trust funds.
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Section 584(a)(1) of the Internal Revenue Code provides, in part, that the term "common trust fund" means a fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity (A) as a trustee, executor, administrator, or guardian, or (B) as a custodian of accounts that the Secretary determines are established pursuant to a state law that is substantially similar to the Uniform Gifts to Minors Act as published by the American Law Institute, and with respect to which the bank establishes, to the satisfaction of the Secretary, that it has duties and responsibilities of a trustee or guardian.
The Internal Revenue Service has determined that the following state laws are substantially similar to the Uniform Gifts to Minors Act of 1956 or the Uniform Gifts to Minors Act of 1966, for purposes of section 584(a)(1)(B) of the Code:
Alabama -------------- Alabama Code, sections 35-5-1 to 35-5-10
(1975)
Alaska --------------- Alaska Statutes, sections 45.60.011 to
45.60.101 (Supp. 1975)
Arizona -------------- Arizona Revised Statutes, sections 44-2071
to 44-2080 (1967 & Supp. 1979-80)
Arkansas ------------- Arkansas Statutes Annotated, sections 50-901
to 50-910 (1971)
California ----------- California Civil Code, sections 1154 to 1165
(West Supp. 1980)
Colorado ------------- Colorado Revised Statutes, section 11-50-101
to 11-50-112 (1973)
Connecticut ---------- Connecticut General Statutes Annotated,
sections 45-101 to 45-109 (West 1960 &
Supp. 1979)
Delaware ------------- Delaware Code, title 12, sections 4501 to
4510 (Supp. 1975)
District of Columbia - District of Columbia Code Encyclopedia,
sections 21-301 to 21-311 (West 1973 &
Supp. 1978-79)
Florida -------------- Florida Statutes Annotated, sections 710.01
to 710.10 (West 1969 & Supp. 1980)
Georgia -------------- Code of Georgia Annotated, sections 48-301
to 48-313 (1974 rev.)
Hawaii --------------- Hawaii Revised Statutes, sections 553-1 to
553-9 (1976)
Idaho ---------------- Idaho Code, sections 68-801 to 68-810 (1973)
Illinois ------------- Illinois Annotated Statutes, chapter 1101/2,
sections 201 to 211 (Smith-Hurd 1978)
Indiana -------------- Indiana Code Annotated, sections 30-2-8-1 to
30-2-8-10 (Burns 1972 & Supp. 1980)
Iowa ----------------- Iowa Code Annotated, sections 565A.1 to
565A.11 (West Supp. 1980-81)
Kansas --------------- Kansas Statutes Annotated, sections 38-901
to 38-912 (1973 & Supp. 1977)
Kentucky ------------- Kentucky Revised Statutes Annotated, sections
385.011 to 385.101 (Bobbs-Merrill 1972)
Louisiana ------------ Louisiana Revised Statutes Annotated,
sections 9:735 to 9:742 (West 1965 & Supp.
1980)
Maine ---------------- Maine Revised Statutes, title 33, sections
1001 to 1010 (1964 & Supp. 1979-80)
Maryland ------------- Maryland Estates and Trusts Code Annotated,
sections 13-301 to 13-310 (1974 & Supp.
1977)
Massachusetts -------- Massachusetts Annotated Laws, chapter 201A,
sections 1 to 11 (Michie/Law. Coop. 1969
& Supp. 1980)
Michigan ------------- Michigan Compiled Laws, sections 241.21 to
241.31 (Michigan Statutes Annotated,
section 27.3178 (Callaghann 1962))
Minnesota ------------ Minnesota Statutes Annotated, sections 527.01
to 527.11 (West 1975)
Mississippi ---------- Mississippi Code Annotated, sections 91-19-1
to 91-19-19 (1972)
Missouri ------------- Missouri Annotated Statutes, sections 404.010
to 404.100 (Vernon 1979)
Montana -------------- Montana Revised Codes Annotated, sections
67-1801 to 67-1811 (1969 & Supp. 1977)
Nebraska ------------- Nebraska Revised Statutes, sections 38-1001
to 38-1010 (1978)
Nevada --------------- Nevada Revised Statutes, sections 167.010 to
167.110 (1977)
New Hampshire -------- New Hampshire Revised Statutes Annotated,
sections 463-A:1 to 463-A:10 (1968 & Supp.
1979)
New Jersey ----------- New Jersey Statutes Annotated, sections
46:38-13 to 46:38-41 (West Supp. 1979)
New Mexico ----------- New Mexico Statutes Annotated, sections
46-7-1 to 46-7-10 (1978)
New York ------------- New York Estates, Powers & Trusts Law,
sections 7-4.1 to 7-4.11 (McKinney 1967 &
Supp. 1979-80)
North Carolina ------- North Carolina General Statutes, sections
33-68 to 33-77 (1976 & Supp. 1977)
North Dakota --------- North Dakota Centry Code, sections 47-24-01
to 47-24-10 (1978)
Ohio ----------------- Ohio Revised Code Annotated, sections 1339.31
to 1339.39 (Page 1962 & Supp. 1977)
Oklahoma ------------- Oklahoma Statutes Annotated, title 60,
sections 401 to 410 (West 1971)
Oregon --------------- Oregon Revised Statutes, sections 126.805 to
126.880 (1979)
Pennsylvania --------- Pennsylvania Consolidated Statutes Annotated,
title 20, sections 5301 to 5310 (Purdon 1975
& Supp. 1980-81)
Rhode Island --------- Rhode Island General Laws, sections 18-7-1 to
18-7-11 (1969)
South Carolina ------- South Carolina Code, sections 35-3-10 to
35-3-120 (1976 & Supp. 1977)
South Dakota --------- South Dakota Codified Laws, sections 55-10-1
to 55-10-39 (1980 rev.)
Tennessee ------------ Tennessee Code Annotated, sections 35-801 to
35-810 (1977)
Texas ---------------- Texas Revised Civil Statutes Annotated,
article 5923-101, sections 1 to 10 (1962 &
Supp. 1979)
Utah ----------------- Utah Code Annotated, sections 75-5-601 to
75-5-609 (Supp. 1977)
Vermont -------------- Vermont Statutes Annotated, title 14, sections
3201 to 3209 (1974 & Supp. 1979)
Virginia ------------- Virginia Code, sections 31-26 to 31-36 (1979)
Washington ----------- Washington Revised Code Annotated, sections
21-24.010 to 21-24.900 (1978)
West Virginia -------- West Virginia Code, sections 36-7-1 to
36-7-11 (1966 & Supp. 1976)
Wisconsin ------------ Wisconsin Statutes Annotated, sections 880.61
to 880.70 (West 1980 Special Pamphlet)
Wyoming -------------- Wyoming Statutes, sections 34-13-101 to
34-13-110 (1977)
In addition, the Service has determined that banks that are designated custodians under the laws set forth above have duties and responsibilities similar to duties and responsibilities of a trustee or guardian, within the meaning of section 584(a)(1)(B) of the Code.
EFFECT ON OTHER REVENUE RULINGS
Rev. Rul. 78-290, 1978-2 C.B. 183, and Rev. Rul. 79-43, 1979-1 C.B. 214, which hold, respectively, that the California and Michigan laws cited above are substantially similar to the Uniform Gifts to Minors Act, are superseded.
- Cross-Reference
26 CFR 1.584-1: Common trust funds.
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
