¹ TD 9102 (12/30/03).

² The full text of the UPIA is available at www.law.upenn.edu/library/ulc/upaia/upaia97.htm.

³ The National Conference of Commissioners on Uniform State Laws (NCCUSL) has not adopted a “uniform unitrust.” Each state that has adopted a unitrust provision has different provisions governing trusts subject to that state’s laws.

⁴ UPIA Section 104(c)(7) and (8) prohibit the exercise of a power to adjust when the trustee is a trust beneficiary, or if the trustee is not a beneficiary, but would benefit (directly or indirectly) from exercise of the power.

⁵ The full text is available at www.nccusl.org.

⁶ See Regs. Sec. 1.643(a)-3(b).

⁷ See, e.g., the proposal for repeal of TX Trust Code §116.005(c)(1) by the Real Estate, Probate and Trust Law Section of the State Bar of Texas (June 2004).

⁸ IRS Letter Rulings 9811036 and 9811037 (both dated 3/13/98).

⁹ See Regs. Sec. 1.664-3(a)(1)(i)(b).

¹⁰ For a discussion of the proposed regulations, see Cantrell, “Sec. 643 Regs. Redefine Trust Income,” 32 The Tax Adviser 542 (August 2001).

¹¹ See the preamble to TD 9102, note 1 supra.

¹² See Regs. Secs. 20.2056(b)-5(a)(1) and 25.2523(e)-1(f)(1).

¹³ See Regs. Sec. 20.2056(b)-5(f)(1).