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HOMETAX NOTES RESEARCHFEDERALINTERNAL REVENUE CODE OF 1986

Sec. 6032 Returns of banks with respect to common trust funds

  • Internal Revenue Code of 1986
  • SUBTITLE F -- PROCEDURE AND ADMINISTRATION
  • Chapter 61 -- Information and Returns
  • Subchapter A -- Returns and Records
  • Part III -- Informational Returns
  • Subpart A -- Information concerning persons subject to special provisions

Every bank (as defined in section 581) maintaining a common trust fund shall make a return for each taxable year, stating specifically, with respect to such fund, the items of gross income and the deductions allowed by subtitle A, and shall include in the return the names and addresses of the participants who would be entitled to share in the taxable income if distributed and the amount of the proportionate share of each participant. The return shall be executed in the same manner as a return made by a corporation pursuant to the requirements of sections 6012 and 6062.

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