Revenue Ruling 95-58
Internal Revenue Service
1995-2 C.B. 191 (1995)
- Written by Jamie Milne, JD
Facts
In 1977, the Internal Revenue Service (IRS) issued Revenue Ruling 77-182. It addressed situations in which a decedent, during life, created a trust with a corporate trustee and reserved the right to appoint a successor corporate trustee if the original resigned or was removed by judicial process. The ruling held that the trust’s assets would not be included in the decedent’s gross estate upon death because the decedent had not reserved sufficient discretionary control over the assets. In 1979, the IRS issued Revenue Ruling 79-353. It addressed situations in which a decedent created a trust during life and reserved the unrestricted power to remove the trust’s corporate trustee and appoint a successor corporate trustee. The ruling held that in that situation, the decedent reserved sufficient discretionary control for the trust’s assets to be included in the decedent’s gross estate upon the decedent’s death. In 1995, the IRS reconsidered the 1977 and 1979 rulings after a judicial decision raised questions about their ongoing validity.
Rule of Law
Issue
Holding and Reasoning ()
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