Liquidating trust and capital gain

15-Nov-2019 10:09

Grantor trust agreements frequently state, "Except to the extent required by law, the Trustee is not required to file accountings in any jurisdiction." Nev. Another issue introducing confusion and complexity are the various trust types.

Besides situs, trusts can also be distinguished based on purpose or applicable law.

For purposes of income tax accounting, the following distinctions are significant: simple versus complex trust, grantor versus nongrantor trust, and domestic versus foreign trust.

Further, the tax law provides rules for special trusts such as ESBTs, pooled income funds, QSSTs, bankruptcy estates, and qualified revocable trusts (QRTs).

State versions of the UTC and the UPIA are statutory; Restatement of the Law, Trusts, provides a summary of common law as it applies to trusts, as well as guidance when the laws in different jurisdictions conflict or when the local statutory law does not address a particular issue.

Trusts must also follow the specifications laid out in their trust agreement.

Generally, trusts are governed by a local version of the Uniform Trust Code (2000) (UTC) as adopted by the jurisdiction indicated in the trust or (if there is no designation) the jurisdiction with the most significant relationship to the matter at issue.

In addition, a treatise published by the American Law Institute (Restatement of the Law Third, Trusts), as well as the Uniform Principal and Income Act (UPIA), may apply.

Pooled income funds must be maintained by the charity receiving the remainder interest.

Further, it discusses issues related to some special trust and estate entities, namely, grantor trusts, pooled income funds, qualified subchapter S trusts (QSSTs), electing small business trusts (ESBTs), bankruptcy estates, and foreign trusts.

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