45 IAC 3.1-1-18 Charitable contributions of trust estate; exempt trusts

Authority: IC 6-8.1-3-3

Affected: IC 6-3-1-3.5

Sec. 18. Charitable Contribution Deduction. The fiduciary shall be allowed to deduct without limitation any amount of the gross income of the estate or trust which by the terms of the will or instrument creating the trust, is required to be paid or permanently set aside during the taxable year for a purpose specified in section 170(c) of the Internal Revenue Code, or is to be used exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance or operation of a public cemetery not operated for profit.

In the case of a trust, the charitable contribution deduction will be subject to the limitations of section 681 of the Internal Revenue Code.

Trusts which are exempt from Federal income tax under section 501 of the Internal Revenue Code are also exempt from taxation under the Indiana Adjusted Gross Income Tax Act.

(Department of State Revenue; Reg 6-3-1-3.5(c)(090); filed Oct 15, 1979, 11:15 am: 2 IR 1520; errata, 2 IR 1743)