3/16/2024 0 Comments Irc 672In the case of a grantor trust, the trust’s separate legal existence is (for federal income tax purposes) disregarded altogether. The concept of a “grantor trust” is one that is derived from the federal tax code, although you will not find the term “grantor trust” anywhere in the Internal Revenue Code (“IRC” or “Code”) or the income tax regulations issued under the Code.Ī “grantor trust” is a trust in which the grantor (or some other person) retains control over the trust to such an extent that the grantor (or such other person), rather than the fiduciary or beneficiary, is treated for federal income tax purposes as the owner of all or part of the trust, and is therefore taxed directly on the income and/or other tax attributes of the trust. Copyright © 2017 Knox McLaughlin Gornall & Sennett, P.C.
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