Irc Section 672

An independent trustee is typically an individual or corporate entity who is not a beneficiary under the trust agreement and is not related or subordinate to the grantor his or her spouse or any of the grantor s descendants within the meaning of 26 u s.

Irc section 672. The grantor s father mother issue brother or sister. 20 1996 with exception for certain trusts see section 1904 d of pub. Penalties assessed under irc 6721 and irc 6722 are based on a time sensitive penalty rate.

D to section 6721 e 2 without specifying the act to be amended was executed by making the addition to subsec. Definitions and rules on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. 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.

Code 672 c. Section 672 c defines the term related or subordinate party. Each trust would be modified to allow either the distribution trustee or the independent trustee to make.

A corporation or any employee of a corporation in which the stock holdings of the grantor and the trust are significant from the viewpoint of voting control. Or a subordinate employee of a corporation in which. Irc 6721 provides for a penalty when an information return or statement is not timely and or correctly filed by the due date of the return.

Internal revenue code 672. Primary beneficiary within the meaning of 672 c of the internal revenue code. Effective date of 1990 amendment.

For more detailed codes research information including annotations and citations please visit westlaw. Irc 6722 provides for a penalty when a payee statement is not timely and or correctly furnished. E 2 of this section which is section 6721 of the internal revenue code of 1986 to reflect the probable intent of congress.