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...
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....