Source: https://wyomingllcattorney.com/Wyoming-Asset-Protection-Trust/IIOT
Timestamp: 2019-04-20 08:12:56
Document Index: 246965442

Matched Legal Cases: ['§1014', '§1014', '§1', '§1014', '§1014', '§1']

IIOT Taxes
The foregoing subsection, therefore, results in an IIOT, or "Wyoming Trust" , being classified as a Grantor Trust. As a grantor trust, all income from the trust is reportable on the grantor’s Form 1040 and a separate Form 1041 for the trust need not be filed.
LPOA means there is an incomplete gift and, therefore, no gift tax. Further, IRC §1014 would step up the basis in the trust assets on death of the grantor since the grantor reserved the right to income and the entire value of the estate would be included in the grantor’s estate for federal estate tax purposes. I.R.C. §1014, 2036, 2038; Treas. Reg. §§1.1014-2(a)(3), (b).LPOA means there is an incomplete gift and, therefore, no gift tax. Further, IRC §1014 would step up the basis in the trust assets on death of the grantor since the grantor reserved the right to income and the entire value of the estate would be included in the grantor’s estate for federal estate tax purposes. I.R.C. §1014, 2036, 2038; Treas. Reg. §§1.1014-2(a)(3), (b).