Treasury Regulations · 26 CFR
§ 1.642(a)(1)-1. Partially tax-exempt interest.
Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).
Regulation under 26 U.S.C. § 642(a)(1)
Cite as 26 CFR § 1.642(a)(1)-1
At a glance
Read from the text and its source citation. Not part of the regulation.
- Status
- In the current eCFR
- Source
- T.D. 6500, 25 FR 11402, Nov. 26, 1960; 25 FR 14021, Dec. 21, 1960; T.D. 9989, 89 FR 17606, Mar. 11, 2024, unless otherwise noted.
- Issued under
- 26 U.S.C. § 642(a)(1)
- Length
- 171 words · about 1 min to read
- Cross-references
- cites 3 Code sections and 0 regulations; cited by 0
An estate or trust is allowed the credit against tax for partially tax-exempt interest provided by section 35 only to the extent that the credit does not relate to interest properly allocable to a beneficiary under section 652 or 662 and the regulations thereunder. A beneficiary of an estate or trust is allowed the credit against tax for partially tax-exempt interest provided by section 35 only to the extent that the credit relates to interest properly allocable to him under section 652 or 662 and the regulations thereunder. If an estate or trust holds partially tax-exempt bonds and elects under section 171 to treat the premium on the bonds as amortizable, the credit allowable under section 35, with respect to the bond interest (whether allowable to the estate or trust or to the beneficiary), is reduced under section 171(a)(3) by reducing the shares of the interest allocable, respectively, to the estate or trust and its beneficiary by the portion of the amortization deduction attributable to the shares.
Cross-references
Computed from the citations in the text of 26 CFR.
Code sections it cites
Where it sits in 26 CFR
- Subchapter A Income tax
- Part 1 Income taxes
- Estates, Trusts, and Beneficiaries
Nearby sections
- § 1.641(b)-2 Filing of returns and payment of the tax.
- § 1.641(b)-3 Termination of estates and trusts.
- § 1.641(c)-0 Table of contents.
- § 1.641(c)-1 Electing small business trust.
- § 1.642(a)(1)-1 Partially tax-exempt interest.
- § 1.642(a)(2)-1 Foreign taxes.
- § 1.642(a)(3)-1 Dividends received by an estate or trust.
- § 1.642(a)(3)-2 Time of receipt of dividends by beneficiary.
- § 1.642(a)(3)-3 Cross reference.