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(a) Under section 674, the grantor is treated as the owner of a portion of trust if the grantor or a nonadverse party has a power, beyond specified limits, to dispose of the beneficial enjoyment of the income or corpus, whether the power is a fiduciary power, a power of appointment, or any other power.
What does code 674 mean?
IRC 674(a) puts forward the general rule for power to control beneficial enjoyment that the grantor will be recognized as the owner of any trust portion concerning the corpus or incomes beneficial enjoyment.
Can a grantor trust borrow money?
A power exercisable by the grantor or a nonadverse party, or both, enables the grantor to borrow the corpus or income, directly or indirectly, without adequate interest or without adequate security except where a trustee (other than the grantor) is authorized under a general lending power to make loans to any person
Who has the power to add beneficiaries to a grantor trust?
Reg. 1.674(b)-1(b)(5)(ii). (3) If, however, the grantor, a nonadverse party, or both retain one of the two powers above and anyone has the power to add beneficiaries to the trust, other than after-born or after- adopted children, then the trust will be treated as a grantor trust. Section 674(b)(5).
What is a power to affect beneficial enjoyment?
A power, the exercise of which can only affect the beneficial enjoyment of the income for a period commencing after the occurrence of an event such that a grantor would not be treated as the owner under section 673 if the power were a reversionary interest; but the grantor may be treated as the owner after the
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Section 674(c) provides an exception to the general rule of section 674(a) for certain powers that are exercisable by independent trustees. This exception is in addition to those provided for under section 674(b) which may be held by any person including an independent trustee.
What is Section 672 C of the Code?
Section 672(c) defines the term related or subordinate party.
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Oct 13, 2017 Instructions for completing the Entrance Counseling and the Master Promissory Note are included in the publication. Financial Aid Award Guide.
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