Statutory Guidelines [Appendix A(5) Tres. Regs 1.46B and 1.46B-1 to B-5] regarding designated settlement funds and qualified settlement funds.
Puerto Rico Designated Settlement Funds Treasury Regulations 1.468 and 1.468B.1 through 1.468B.5
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The U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from his or her U.S. gross income for U.S. tax purposes.
§ 1.468B?1 Qualified settlement funds. If a fund, account, or trust that is a qualified settlement fund could be classified as a trust within the meaning of §301.7701?4 of this chapter, it is classified as a qualified settlement fund for all purposes of the Internal Revenue Code (Code).
Funds held in a QSF are not subject to income tax until distributed to the intended parties (settlement proceeds for personal injury are never taxable). Additionally, funds held in a QSF can be invested, potentially increasing the overall value of the settlement, and are usually held in FDIC-insured bank deposits.
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.
§ 1.468B-2 Taxation of qualified settlement funds and related administrative requirements. (a) In general. A qualified settlement fund is a United States person and is subject to tax on its modified gross income for any taxable year at a rate equal to the maximum rate in effect for that taxable year under section 1(e).
§ 1.468B. Modified gross income of the FUND consists of income from intangible property, including obligations of the United States exempted from state tax by section 3124, Title 31, United States Code.
There are only three requirements for establishing a QSF. It must be created by a court order with continuing jurisdiction over the QSF. [i] The trust is set up to resolve tort or other legal claims prescribed by the Treasury regulations. [ii] Finally, it must be a trust under applicable state law.
