To amend section 584 of the Internal Revenue Code of 1954, relating to common trust funds maintained by banks.

[AI summary unavailable — showing source text] Redefines part of the definition of the term "common trust fund" pursuant to the Internal Revenue Code as a fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank maintaining the fund, or by any other bank which is a member of an affiliated group (as defined in 26 U.S.C. 1504) of which the bank maintaining the fund is a member, in the capacity of the contributing bank as trustee, executor, administrator, or guardian. (Amends 26 U.S.C. 584 (a)(l))…