Section 21526.
21526. A fiduciary is not liable for a good faith decision to make any election, or not to make any election, referred to in Section 2056(b)(7) or Section 2523(f) of the Internal Revenue Code. (Enacted by Stats. 1990, Ch. 79.)
Section 21540.
21540. If an instrument indicates the transferor’s intention to comply with the Internal Revenue Code requirements for a charitable remainder unitrust or a charitable remainder annuity trust as each is defined in Section 664 of the Internal Revenue Code, the provisions of the instrument, including any power, duty, or discretionary authority given to a fiduciary, […]
Section 21541.
21541. If an instrument indicates the transferor’s intention to comply with the requirements for a charitable lead trust as described in Section 170(f)(2)(B) and Section 2055(e)(2) or Section 2522(c)(2) of the Internal Revenue Code, the provisions of the instrument, including any power, duty, or discretionary authority given to a fiduciary, shall be construed to comply […]
Section 21523.
21523. (a) The Economic Recovery Tax Act of 1981 was enacted August 13, 1981. This section applies to an instrument executed before September 12, 1981 (before 30 days after enactment of the Economic Recovery Tax Act of 1981). (b) If an instrument described in subdivision (a) indicates the transferor’s intention to make a gift that will provide […]
Section 21524.
21524. If a marital deduction gift is made in trust, in addition to the other provisions of this chapter, each of the following provisions also applies to the marital deduction trust: (a) The transferor’s spouse is the only beneficiary of income or principal of the marital deduction property as long as the spouse is alive. Nothing […]
Section 21525.
21525. (a) If an instrument that makes a marital deduction gift includes a condition that the transferor’s spouse survive the transferor by a period that exceeds or may exceed six months, other than a condition described in subdivision (b), the condition shall be limited to six months as applied to the marital deduction gift. (b) If an […]
Section 21500.
21500. As used in this part, “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time. A reference to a provision of the Internal Revenue Code includes any subsequent provision of law enacted in its place. (Enacted by Stats. 1990, Ch. 79.)
Section 21501.
21501. (a) This part applies to a distribution made on or after January 1, 1988, whether the transferor died before, on, or after that date. (b) A distribution made on or after January 1, 1983, and before January 1, 1988, is governed by the applicable law in effect before January 1, 1988. (Enacted by Stats. 1990, Ch. […]
Section 21502.
21502. (a) This part does not apply to an instrument the terms of which expressly or by necessary implication make this part inapplicable. (b) By an appropriate statement made in an instrument, the transferor may incorporate by reference any or all of the provisions of this part. The effect of incorporating a provision of this part in […]
Section 21503.
21503. (a) If an instrument includes a formula intended to eliminate the federal estate tax, the formula shall be applied to eliminate or to reduce to the maximum extent possible the federal estate tax. (b) If an instrument includes a formula that refers to a maximum fraction or amount that will not result in a federal estate […]