Reports on the United States Internal Revenue Service guidance on trust's Section 645 election and short-year tax return. Procedures for making the appropriate tax returns in the Section 645 election and filing; Provision of the Revised Proclamation 98-13 regulation.Fiore...
trust, if the power is exercised so that it may postpone vesting of the interest in the trust beyondlives in being at elect to charge the transfer against the $1,000,000 life- time exemption fromgeneration-skipping tax.16 Pres- ently, this election excludes the trust 1. Revocable Trust....
Internal Revenue Service (IRS) on the property transferred to a trust. The IRS claims that the said property transferred to a trust is treated as a "personal residence" for purposes of Section 2702. However, the service refuses to rule on other relevant issues. The said letter ruling is a...
Regulation 1.645-1(f)(1) provides that the Section 645 election period begins on the date of the decedent's death and terminates on the earlier of the day on which both the electing trust and related estate, if any, have distributed all of their assets, or the day before the "...