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Aug 6th, 2022
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How to Finish flag in the Liquidating Trust Agreement

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in this video were going to continue discussing the circumstances in which constructive trusts arise and specifically were going to be looking at land and secret trusts so another time when a constructive trust can arise is when were dealing with land a contract to sell land is specifically enforceable so a contract for the sale of land is specifically enforceable where the remedy of damages would be inadequate contracts relating to personality are rarely specifically enforceable as the property may be purchased elsewhere if this is not so as in the case of shares in a private company then the contract will be specifically enforceable as well see in the case of altered and irc in the present context however we are mainly concerned with contracts relating to land the availability of specific performance means that in equity the purchaser is regarded as already the owner thus it has many times been seen or sorry said by high authority that a vendor of land on the conclusion of the c

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The purpose of a liquidating trust is to: Collect and hold assets and claims of the debtor as specified in the bankruptcy plan. Liquidate the trust assets. Resolve disputed claims.
Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs. What determines how long a Trustee takes will depend on the complexity of the estate where properties and other assets may have to be bought or sold before distribution to the Beneficiaries.
The trust itself must report income to the IRS and pay capital gains taxes on earnings. It must distribute income earned on trust assets to beneficiaries annually. If you receive assets from a simple trust, it is considered taxable income and you must report it as such and pay the appropriate taxes.
What is the 65-Day Rule for estates and trusts? Any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year. This year, that date is March 6, 2023.
How do Trusts end? Recording their final actions in trustee minutes. If discretionary trustees are exercising their powers to end a trust, they will likely need to formally record their decision in a deed. Checking that all outstanding trust liabilities and expenses have been settled.
On the termination of the trust the trustees are under a duty to distribute the trust assets to the right beneficiaries. Failure to distribute to the correct beneficiary can subject the trustees to liability for bdocHub of trust.
Because all the assets of the trust, including all capital gains, will be actually distributed to the beneficiary at the termination of Trust, all capital gains realized in the year of termination are included in distributable net income.

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