The US Treasury Department and Internal Revenue Service (IRS) on Monday issued guidance addressing the requirements for the "qualified severance" of a trust for the purposes of the generation-skipping transfer (GST) tax.
The proposed regulations implement recent statutory changes that expanded the availability of a qualified severance. They are also intended to provide guidance concerning the proper procedure, permissible timing, and required reporting of a qualified severance, and the permitted methods of funding the resulting trusts.
Speaking following the publication of the new rules, Acting Assistant Secretary for Tax Policy Greg Jenner announced that:
"We are pleased to be able to provide guidance in this complex area of the law. This guidance should enable taxpayers to achieve the most efficient and effective use of their GST exemptions consistent with the law."
The full text of the Treasury guidance on the qualified severance of trusts can be found in the Tax-News Resources section.
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