Qualified Subchapter S Trust Form With Decimals
Description
How to fill out Irrevocable Trust Which Is A Qualifying Subchapter-S Trust?
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FAQ
To qualify as a QSST, the trust must require that all of the net income be distributed to a single beneficiary. While principal of the QSST may also be distributed to the beneficiary in the discretion of the Trustee, the QSST cannot provide for multiple beneficiaries.
(3) Qualified subchapter S trust For purposes of this subsection, the term ?qualified subchapter S trust? means a trust? (A) the terms of which require that? (i) during the life of the current income beneficiary, there shall be only 1 income beneficiary of the trust, (ii) any corpus distributed during the life of the ...
One type of trust that is permitted to be an S corporation shareholder is a qualified subchapter S trust (QSST). To qualify, the individual trust beneficiary must make an election to treat the trust as a permitted shareholder.
QSSTs are different than other other S corporation trusts in that the beneficiary is usually someone other than the grantor of their estate. Grantors/shareholders can use the QSST to make a gift of all or part of S corporation stock and retain voting power while the beneficiary receives the income.
The main benefit of a QSST is that it is treated as a grantor trust and therefore considered an eligible S corporation shareholder.