§ 4947.
(a)
Application of tax
(2)
Split-interest trusts
In the case of a trust which is not exempt from tax under section 501(a), not all of the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B), and which has amounts in trust for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522, section 507 (relating to termination of private foundation status), section 508(e) (relating to governing instruments) to the extent applicable to a trust described in this paragraph, section 4941 (relating to taxes on self-dealing), section 4943 (relating to taxes on excess business holdings) except as provided in subsection (b)(3), section 4944 (relating to investments which jeopardize charitable purpose) except as provided in subsection (b)(3), and section 4945 (relating to taxes on taxable expenditures) shall apply as if such trust were a private foundation. This paragraph shall not apply with respect to—
(A)
any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B),
(B)
any amounts in trust other than amounts for which a deduction was allowed under section 170, 545(b)(2), 642(c), 2055, 2106(a)(2), or 2522, if such other amounts are segregated from amounts for which no deduction was allowable, or
(C)
any amounts transferred in trust before May 27, 1969.
(Added [Pub. L. 91–172, title I, § 101(b)], Dec. 30, 1969, [83 Stat. 517]; amended [Pub. L. 94–455, title XIX, § 1906(b)(13)(A)], Oct. 4, 1976, [90 Stat. 1834]; [Pub. L. 105–34, title XV, § 1530(c)(9)], Aug. 5, 1997, [111 Stat. 1079]; [Pub. L. 107–16, title V, § 542(e)(4)], June 7, 2001, [115 Stat. 85]; [Pub. L. 108–357, title IV, § 413(c)(30)], Oct. 22, 2004, [118 Stat. 1509]; [Pub. L. 111–312, title III, § 301(a)], Dec. 17, 2010, [124 Stat. 3300].)