Tax Topic: Trusts

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Trusts

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

REG 106527-98 from IR Bulletin No. 1999-34
Proposed regulations under section 1223 of the Code relate to the sales or exchanges of interests in partnerships, S corporations, and trusts. A public hearing is scheduled for November 18, 1999.

T.D. 8831 and REG 252487-96 from IR Bulletin No. 1999-34
Final, temporary, and proposed regulations implementing sections 672(f) and 643(f) of the Code relate to the application of the grantor trust rules to certain trusts established by foreign persons. A public hearing is scheduled for November 2, 1999.

Notice 99-31 from IR Bulletin No. 1999-23
The deadline for special reformations under section 664 of the Code will be extended from June 8, 1999, to June 30, 2000.

Notice 99–17 from IR Bulletin No. 1999-14
This notice modifies Notice 98–20, 1998–13 I.R.B. 25, to reflect changes made to section 1(h) of the Internal Revenue Code by sections 4002(i)(3) and 4003(b) of the Tax and Trade Relief Extension Act of 1998. The changes affect the treatment of post-1997 distributions of capital gains from a charitable remainder trust.

REG-114841-98 from IR Bulletin No. 1999-11
Proposed regulations under section 663 of the Code provide that substantively separate and independent shares of different beneficiaries are to be treated as separate estates for purposes of computing distributable net income. A public hearing is scheduled for April 22, 1999.

T.D. 8813 from IR Bulletin No. 1999-09
Final regulations under section 7701 of the Code provide guidance regarding the definition of a trust as a United States person (domestic trust) or a foreign trust.

T.D. 8791 from IR Bulletin No. 1999-05
Final regulations under section 664 of the Code relate to charitable remainder trusts and to special valuation rules for transfers of interests in trusts.

Notice 98-66 from IR Bulletin No. 1998-52
Qualified Funeral Trusts. This notice provides information and guidance on amendments make by the Internal Revenue Service Restructuring and Reform Act of 1998 to the Qualified Funeral Trust (QFT) provisions of section 685 of the Code.

Rev. Rul. 98-41 from IR Bulletin No. 1998-35
Employees' trust's unrelated business taxable income. An employees' trust's proportionate share of the income of a common trust fund is unrelated business taxable income (UBTI) to the extent that it would have been if the investment producing the income had been made directly by the employees' trust. Rev. Rul. 67-301 modified.

Notice 98-25 from IR Bulletin No. 1998-18
Election to treat trust as a United States person; domestic trust. This notice provides the procedures under section 1161 of the Taxpayer Relief Act of 1997, P.L. 105-34, 111 Stat. 788 (1997), for trusts that were in existence on August 20, 1996, and that were treated as United States persons on August 19, 1996, to elect to continue to be treated as United States persons notwithstanding section 7701 (a)(30)(E) of the Code.

Rev. Proc. 98-13 from IR Bulletin No. 1998-04
Section 646 election. This procedure provides the procedures and requirements for making the section 646 election to treat certain revocable trusts as part of an estate.

Announcement 97-94 from IR Bulletin No. 1997-36
This announcement contains additional corrections to the corrected version of REG-252487-96, shown in Announcement 97-93.

Announcement 97-93 from IR Bulletin No. 1997-36
REG-252487-96, 1997-25 I.R.B. 9, relating to the application of the grantor trust rules to certain trusts established by foreign persons, is corrected.

Notice 96-65 from IR Bulletin No. 1996-52
This notice provides guidance for certain provisions of the Small Business Job Protection Act of 1996 (the "Act") dealing with the status of a trust as domestic or foreign under sections 7701(a)(30) and 7701(a)(31) of the Code. This notice grants taxpayers additional time to comply with the new domestic trust criteria contained in the Act and announces the time and manner for making an election to apply the new trust criteria retroactively. Also, guidance regarding the application of sections 1491 through 1494 of the Code is provided if the status of a trust changes from domestic to foreign.

Rev. Proc. 96-54 from IR Bulletin No. 1996-50
Sample paragraphs to be used to satisfy governing instrument requirements contained in sections 20.2056A-2(d)(1)(i) and (d)(1)(ii) of the Estate Tax Regulations. The Service will recognize a trust as meeting the requirements of sections 20.2056A2(d)(1)(i) and (d)(1)(ii) if the trust instrument contains language that is the same in all material respects as the paragraphs provided in this revenue procedure.

CHARITABLE REMAINDER TRUSTS

Notice 98-20 from IR Bulletin No. 1998-13
This notice provides guidance on the ordering and taxation of capital gain distributions from a charitable remainder trust in light of the changes made to section 1 (h) of the Code by the Taxpayer Relief Act of 1997.

Notice 97-68 from IR Bulletin No. 1997-48
This notice informs taxpayers that the rules in sections 1.664-2(a)(1)(i) and 1.664-3(a)(1)(i)(e) of the proposed Income Tax regulations, published in REG-209823-96, 1997-18 I.R.B. 47, will not be effective for certain charitable remainder trusts for the 1997 tax year.

ELECTING SMALL BUSINESS TRUSTS (ESBT)

Rev. Proc. 98-23 from IR Bulletin No. 1998-10
Conversion of a Qualified Subchapter S Trust (QSST) to an Electing Small Business Trust (ESBT) and of an ESBT to a QSST This procedure provides automatic consent of the Commissioner for the conversion of a Qualified Subchapter S Trust (QSST) to an Electing Small Business Trust (ESBT) and of an ESBT to a QSST

Notice 97-49 from IR Bulletin No. 1997-36
Electing Small Business Trust (ESBT) and qualification and treatment of distributions. This notice clarifies the definitions of beneficiary and potential current beneficiary. It also clarifies the treatment of ESBT distributions.

INVESTMENT TRUSTS

REG-209813-96 from IR Bulletin No. 1998-35
Proposed regulations under section 671 of the Code define widely held fixed investment trusts, clarify the reporting obligations of the trustees of these trusts and the middlemen connected with these trusts, and provide for he communication of necessary tax information to beneficial owners of trust interests. A public hearing on the proposed regulations will be held on November 5, 1998.

QUALIFIED FUNERAL TRUSTS

Notice 98-6 from IR Bulletin No. 1998-03
Notice on section 685. Guidance is provided on Qualified Funeral Trust (QFT) eligibility requirements, election procedures, and simplified reporting requirements.

QUALIFIED PERSONAL RESIDENCE TRUST QUALIFIED SUBCHAPTER "S" TRUST

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