Statutory Guidelines [Appendix A(5) Tres. Regs 1.46B and 1.46B-1 to B-5] regarding designated settlement funds and qualified settlement funds.
South Carolina Designated Settlement Funds Treasury Regulations 1.468 and 1.468B.1 through 1.468B.5
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§ 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).
§ 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.
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.
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.
§ 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).
A QSF is taxed on its ?modified gross income.? The term modified gross income is generally comprised of the investment income generated by a QSF. Moreover, settlement payment amounts transferred to a QSF to resolve or satisfy a liability for which a QSF is established are excluded from a QSF's gross income.
How do law firms establish qualified settlement funds? Be established pursuant to a court order and is subject to continuing jurisdiction of the court (26 CFR § 1.468B(c)). Resolve one or more contested claims arising out of a tort, breach of contract, or violation of law. A trust under applicable state law.