72-34-204. Exceptions applicable to split-interest trusts. With respect to split-interest trusts:
     (1) 72-34-203(2) and (3) do not apply to any trust described in section 4947(b)(3) of the Internal Revenue Code.
     (2) 72-34-203 does not apply with respect to any of the following:
     (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) of the Internal Revenue Code;
     (b) any amounts in trust other than amounts for which a deduction was allowed under section 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code, if the amounts are segregated, as that term is defined in section 4947(a)(3) of the Internal Revenue Code, from amounts for which no deduction was allowable; or
     (c) any amounts irrevocably transferred in trust before May 27, 1969.

     History: En. Sec. 102, Ch. 685, L. 1989.