WebSection 672 (c) defines the term “related or subordinate party”. The term, as used in sections 674 (c) and 675 (3), means any nonadverse party who is the grantor's spouse if living with the grantor; the grantor's father, mother, issue, brother or sister; an employee of the grantor; a corporation or any employee of a corporation in which the ... WebA person who is nonadverse and who has a certain relation to the grantor is termed a "related or subordinate party." Such party is considered to be subservient to the grantor in most instances with regard to the exercise of power, unless a preponderance of the evidence indicates otherwise. IRC § 672 (c) Power to Control
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WebFrom Title 26-INTERNAL REVENUE CODE Subtitle B-Estate and Gift Taxes CHAPTER 13-TAX ON GENERATION-SKIPPING TRANSFERS Subchapter B-Generation-Skipping Transfers. ... inserted provisions relating to powers of independent trustees and definition of a related or subordinate trustee. Statutory Notes and Related Subsidiaries Effective Date of 1988 ... WebJan 1, 2024 · (A) any individual who was the spouse of the grantor at the time of the creation of such power or interest, or (B) any individual who became the spouse of the grantor … chiropractor medicaid
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WebInternal Revenue Code to the grantor or a beneficiary of the trust, or (4) a trustee who the grantor or a beneficiary of the trust can remove and replace by appointing a trustee that is related or subordinate to such person within the meaning of § 672(c). Section 5.01(d) provides that for this purpose “a beneficiary of the trust” means all ... WebDefinition: related or subordinate party from 26 USC § 672(c) LII / Legal Information Institute related or subordinate party For purposes of this subpart, the term “related or subordinate party” means any nonadverse party who is— Source 26 USC § 672(c) Scoping language For purposes of this subpart Is this correct? WebSep 9, 2024 · After Revenue Ruling 95-58, we now know that the power to remove and replace the trustee may be held even by the grantors so long as the replacement trustee is not “related or subordinate” to the grantors within the meaning of IRC § 672 (c). graphicsmode -1