{"identifier":"/us/usc/t26/s683","title":26,"num":"\u00a7\u202f683.","heading":"Use of trust as an exchange fund","text":"\u00a7\u202f683.\nUse of trust as an exchange fund\n(a)\nGeneral rule\nExcept as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor.\n(b)\nException for pooled income funds\nSubsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).","url":"https://projectusc.org/usc/t26/s683.html","content":[{"t":"sec","id":"/us/usc/t26/s683","children":[{"t":"num","text":"\u00a7\u202f683."},{"t":"heading","text":"Use of trust as an exchange fund"},{"t":"subsec","id":"/us/usc/t26/s683/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"General rule"},{"t":"content","children":[{"t":"p","text":"Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be an investment company (within the meaning of section 351) if it were a corporation, then gain shall be recognized to the transferor.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s683/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Exception for pooled income funds"},{"t":"content","children":[{"t":"p","text":"Subsection (a) shall not apply to any transfer to a pooled income fund (within the meaning of section 642(c)(5)).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}