Reports the issuance of the final regulations relating to electing small business trusts (ESBT) by the Internal Revenue Service in the U.S. Legislation of the Small Business Job Protection Act of 1996; Qualification and taxation of ESBT; Content of the Preamble.Wells...
The new rules flesh out the mechanics of the ESBT election, operation, and termination, including the tax consequences of the grantor portion, S portion, and non-S portion of the trust, and clarify the definitions of beneficiary and eligible current beneficiary. INSET: Practice Notes.. [ FROM...