Subchapter S Trust With The Internal Revenue Service
Description
How to fill out Qualifying Subchapter-S Revocable Trust Agreement?
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FAQ
Generally, a trust cannot hold stock of an S corporation; however, grantor trusts, testamentary trusts, voting trusts, ESBTs, and qualified Subchapter S trusts (QSSTs) are permissible S corporation shareholders (Sec. 1361(c)(2)).
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
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. The income from a QSST is taxed at the individual beneficiary's income tax rate.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
Charities that are described in Sec. 501(c)(3) and exempt from tax under Sec. 501(a) are permitted to own stock of an S corporation.