Sec. 1.678(b)-1 If grantor is treated as the owner.
Section 678(a) does not apply with respect to a power over income, as originally granted or thereafter modified, if the grantor of the trust is treated as the owner under sections 671 to 677, inclusive.
[Adopted by T.D. 6217, 21 FR 10207, Dec. 20, 1956; republished by T.D. 6500, 25 FR 11814, Nov. 26, 1960.]