Statutory Guidelines [Appendix A(4) IRC 468B] regarding special rules for designated settlement funds.
Guam Special Rules for Designated Settlement Funds IRS Code 468B
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Personal and Corporate Income Tax Bona fide residents of Guam are subject to special U.S. tax rules. In general, all individuals with income from Guam will file only one return?either to Guam or the United States. If you are a bona fide resident of Guam during the entire tax year, file your return with Guam.
A Qualified Settlement Fund (QSF), also referred to as a 468B Trust, is an exceptionally useful settlement tool that allows time to properly resolve mass tort litigation and other cases involving multiple claimants.
In the 1990s Guam enacted a package of financial services development legislation to become a financial tax haven. The Guam resident trust shelter was very popular. It involves a tax rebate from a Guam resident trust, provided half of the rebated taxes are kept on deposit in Guam for five years.
Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes.
Which are the countries that don't have taxes? At present, there are 14 tax-free countries around the world. These include Antigua and Barbuda, St. Kitts and Nevis, the United Arab Emirates, Vanuatu, Brunei, Bahrain, the Bahamas, Bermuda, the Cayman Islands, Monaco, Kuwait, Qatar, Somalia, and Western Sahara.
The term "foreign country" does not include U.S. territories such as Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, or American Samoa.
Generally, settlement funds and damages received from a lawsuit are taxable income ing to the IRS. Nonetheless, personal injury settlements - specifically those resulting from car accidents or slip and fall incidents - are typically exempt from taxes.
A QSF is a trust established to receive settlement proceeds from a defendant or group of defendants. Its primary purpose is to allocate the monies deposited into it amongst various claimants and disburse the funds based upon agreement of the parties or court order, if required.