Читать книгу Form 1041 - Stephen Brooks - Страница 22

The regulations define a “trust” for tax purposes in a manner consistent with the legal definition discussed previously; that is a trust is “as an arrangement created either by a will or by an inter vivos declaration whereby trustees take title to property for the purpose of protecting or conserving it for the beneficiaries under the ordinary rules applied in chancery or probate courts.”²⁹

Generally, an arrangement will be treated as a trust under the IRC if it can be shown that the purpose of the arrangement is to vest in the trustees' responsibility for the protection and conservation of property for beneficiaries (that is, fiduciary duty) who cannot share in the discharge of this responsibility, and therefore, are not associates in a joint enterprise for the conduct of business for profit.³⁰