grantor trust for income tax purposes

GPTKB entity

Statements (23)
Predicate Object
gptkbp:instanceOf gptkb:law
gptkbp:appliesTo trusts
gptkbp:basisFor gptkb:IRC_Sections_671-679
gptkbp:definedIn gptkb:Subpart_E_of_Subchapter_J,_Chapter_1,_Subtitle_A_of_the_Internal_Revenue_Code
gptkbp:distinctiveFeature gptkb:non-grantor_trust
gptkbp:example gptkb:revocable_living_trust
gptkb:intentionally_defective_grantor_trust
gptkbp:feature can be revocable or irrevocable
grantor may be treated as owner for tax purposes
grantor may control trust assets
grantor may substitute trust assets
grantor retains certain powers or interests
trust income taxed to grantor regardless of distribution
income, deductions, and credits reported on grantor's tax return
grantor may borrow from trust without adequate interest or security
https://www.w3.org/2000/01/rdf-schema#label grantor trust for income tax purposes
gptkbp:relatedTo gptkb:Internal_Revenue_Code
gptkb:tax_law
gptkbp:taxLiability grantor
gptkbp:taxStatus income attributed to grantor
gptkbp:usedIn estate planning
gptkbp:bfsParent gptkb:Living_trust
gptkbp:bfsLayer 6