(a) Person. The term person includes an individual, a corporation, a partnership, a trust or
estate, a joint-stock company, an association, or a syndicate, group, pool, joint
venture, or other unincorporated organization or group. The term also includes a guardian, committee, trustee, executor, administrator,
trustee in bankruptcy, receiver, assignee for the benefit of creditors, conservator,
or any person acting in a fiduciary capacity.
(b) Fiduciary—(1) In general. Fiduciary is a term that applies to persons who occupy positions of peculiar confidence
toward others, such as trustees, executors, and administrators. A fiduciary is a person who holds in trust an estate to which another has a beneficial
interest, or receives and controls income of another, as in the case of receivers. A committee or guardian of the property of an incompetent person is a fiduciary.
(2) Fiduciary distinguished from agent. There may be a fiduciary relationship between an agent and a principal, but the
word agent does not denote a fiduciary. An agent having entire charge of property, with authority to effect and execute
leases with tenants entirely on his own responsibility and without consulting his
principal, merely turning over the net profits from the property periodically to his
principal by virtue of authority conferred upon him by a power of attorney, is not
a fiduciary within the meaning of the Internal Revenue Code. In cases when no legal trust has been created in the estate controlled by the agent
and attorney, the liability to make a return rests with the principal.
(c) Effective date. The rules of this section are effective as of January 1, 1997.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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