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Ust REG 108287 98 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document contains proposed regulations relating to the definition of a qualified interest. The proposed regulations apply to a grantor retained annuity trust (GRAT) and a grantor retained unitrust (GRUT) in determining whether a retained interest is a qualified interest. The proposed regulations will affect individuals who have made a tra.
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Regs FAQ
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Let's say you're an independent contractor and you make $500,000 a year in taxable income. In order to avoid paying taxes on the full $500,000 a month, you set up a corporation and “hire” 5 of your friends and family as employees of that corporation.
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Abusive tax schemes threaten our tax system's integrity and contribute to the tax gap—the difference between taxes owed and paid. Often, abusive tax schemes are marketed by promoters and include complex, multi-layer transactions to attempt to conceal the true nature and ownership of the taxable income or assets.
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Abusive tax shelters serve no economic purpose other than lowering the federal or state tax owed by the investor. Oftentimes, these types of tax shelters rely on complex transactions involving trusts, partnerships, and other legal entities.
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Report Suspected Abusive Tax Promotions or Preparers These "deals" are generally marketed by unscrupulous promoters who make false claims about their legitimacy and charge high fees to boot. These promoters frequently devise new ways to cheat the system and market them aggressively.
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I have previously written about the resurgence of scam trusts in my August 2021 article on Forbes, “The Complex Trust Is Simply The Criminal Tax Evasion Device Known As The Pure Trust Repackaged.” Here, we look at a different type of trust which similarly — and just as falsely — claims to avoid income and capital gains ...
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Loan schemes Perhaps the most popular example of tax avoidance is operated by companies where directors receive their income as directors' loans and then either do not repay such loans to the company or write them off at the year-end.
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Electing Small Business Trust (ESBT) An ESBT is a statutory creature established by IRC Section 641(c). By meeting the requirements of an ESBT, a trust may own S Corporation shares.
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Abusive trust arrangements typically are promoted by the promise of such benefits as: Reduction or elimination of income subject to tax. Deductions for personal expenses paid by the trust. Depreciation deductions of an owner's personal expenses paid by the trust.
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