Montana Code 72-38-823. Exceptions applicable to split-interest trusts
72-38-823. Exceptions applicable to split-interest trusts. (1) Subsections (2) and (3) of 72-38-822 do not apply to any trust described in section 4947(b)(3) of the Internal Revenue Code.
Terms Used In Montana Code 72-38-823
- Terms of a trust: means :
(a)except as otherwise provided in subsection (21)(b), the manifestation of the settlor's intent regarding a trust's provisions as:
(i)expressed in the trust instrument; or
(ii)established by other evidence that would be admissible in a judicial proceeding; or
(b)the trust's provisions as established, determined, or amended by:
(i)a trustee or trust director in accordance with applicable law;
(ii)court order; or
(iii)a nonjudicial settlement agreement under 72-38-111. See Montana Code 72-38-103
(2)Section 72-38-822 does not apply with respect to any of the following:
(a)any amounts payable under the terms of a trust to income beneficiaries unless a deduction was allowed under section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code;
(b)any amounts in trust other than amounts for which a deduction was allowed under section 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code if the amounts are segregated, as that term is defined in section 4947(a)(3) of the Internal Revenue Code, from amounts for which no deduction was allowable; or
(c)any amounts irrevocably transferred in trust before May 27, 1969.