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    Related Taxpayer

    Martin creates an irrevocable trust as part of his end-of-life planning, and transfers assets into the trust at his basis.

    After the trust is established, he has irrevocably given up control of the assets.

    Question: Is the irrevocable trust a "related" party??

    1. Is it a related party if the controlling party is a family member?
    2. Is it a related party if the controlling party is NOT a family member (such as an attorney)?

    #2
    Related parties are usually determined by IRC 267

    Comment


      #3
      And, read the trust document.

      Comment


        #4
        Originally posted by New York Enrolled Agent View Post
        Related parties are usually determined by IRC 267
        Yes thank you. According to IRC 267 the irrevocable trust would be a related party if controlled by a related party. The referenced attorney would most likely not.

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