qualified terminable interest property trust

• Qualified terminable interest property trusts

• One plus one equals two - sometimes! (estate tax valuation of property held in a qualified terminable interest property trust)

The estate in Bonner received favorable treatment from the US Court of Appeals for the Fifth Circuit, but the Court's willingness to apply minority interest discounts in valuing estate property could be disadvantageous in other situations. The Court applied minority discounts to assets held by the decedent's qualified terminable interest property (QTIP) trust, despite the fact that balance of the property interests were held by the decedent outright. In the marital trust context, the application of minority discounts could reduce the marital deduction and the available unified credit.

• The Tax Adviser
• Vol. 28 Nbr. 5, May 1997

• County

The Buffalo Bills would be willing to sign a restrictive lease tying the team to Western New York if they get a satisfactory agreement with New York State and Erie , team sources tell The News. Serious negotiations on extending the current lease, which runs through July 2013, have not yet begun. The Bills want significant upgrades to Ralph Wilson Stadium, paid for by New York State and Erie , in order to sign an extension.

...That $3.5 billion included tax breaks, interest on public bonds, direct cash grants of more than ...It's expected the team will be placed in a trust as a way to manage the business while Wilson's e... sense in Wilson's case is called a Qualified Terminable Interest Property Trust, known as a Q...

• Buffalo News
• October 31, 2011

• QTIP election as a QSST.

Qualified terminable interest property, qualified Subchapter S trust

• The Tax Adviser
• Vol. 30 Nbr. 4, April 1999

• 26 CFR 20.2056(b)-7 - Election with respect to life estate for surviving spouse.

... dying after December 31, 1981, for qualified terminable interest property as defined in paragra...(ii) Division of trusts(A) In general. A trust may be divided into separat...

• Code of Federal Regulations - Title 26: Internal Revenue

• Wash. Court of Appeals Rules Couple's Intent Governs Allocation of Estate Taxes

The federal estate tax recovery statute doesn't override the intent of a husband and wife that taxes be paid on a pro-rata basis from trusts created upon their deaths, the Washington Court of Appeals has ruled in affirming judgment. Under 26 U.S.C. Sect. 2207A, a survivor's estate is entitled to recover federal estate taxes attributable to a Qualified Terminable Interest Property (QTIP) trust.

• Lawyers USA
• October 11, 2007

• IRS loses estate tax marital deduction case.

The US Court of Appeals for the Sixth Circuit has sided with the Fifth and Eighth Circuits and against the Tax Court and IRS in finding in Estate of Spencer that discretionary authority to elect the amounts to pass into a qualified terminable interest property (QTIP) trust did not bar use of the marital deduction for the QTIP assets. The Tax Court had ruled that the property did not pass from the decedent to the spouse because she had a power of appointment. Estate planners should excercise caution if allowing the executor to elect how to allocate assets among trusts.

• The Tax Adviser
• Vol. 27 Nbr. 2, February 1996

• IRS Clarifies Certain Filing Dates And Procedures For 2010 Decedents And Application Of Carryover Basis Rules.

... all of his or her assets to a living trust, then anyone in actual or constructive possession ... to the decedent's surviving spouse or property that is "qualified terminable interest property" (...

• Mondaq Business Briefing
• Nbr. 2011, January 2011

• Formula! Formula! Formula! (defining bequests in terms of remaining unified credit)

Examination of the use of a reverse qualified terminable interest property (QTIP) trust in an IRS ruling on skip persons for the purpose of generation-skipping transfer (GST) taxation sheds light on the benefit of formulas when drafting estate planning documents. The taxpayer set up a $1 million reverse QTIP that would ultimately be distributed to his grandchild. The amount was chosen because it equals the $1 million GST lifetime exemption, but the individual only had $800,000 left in his GST exemption at death. A better alternative would be to define the QTIP trust corpus equaling the remaining GST exemption.

• The Tax Adviser
• Vol. 25 Nbr. 5, May 1994

• Changes in Bank Control:

...Interested persons may express their views in writing to the ...Billy M. Cary Qualified Terminable Interest Property Trust, with. Michael ...

• FR, November 01, 2011
• Notices
• Federal Reserve System

• Valuation discount for property split between QTIP marital trust and surviving spouse presents planning opportunity.

Estate of Bonner The US Court of Appeals decision in Estate of Bonner suggests that couples with closely held businesses may be able to take advantage of estate tax valuation discounts while maintaining control over the business. The Court found that interests held outright by the surviving spouse and held in a qualified terminable interest property (QTIP) trust did not need to be combined for valuation purposes even though the surviving spouse had voting control as trustee of the QTIP trust. The IRS is likely to contest such treatment, however, and other marital trusts should not be used.

• The Tax Adviser
• Vol. 27 Nbr. 10, October 1996