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( means a fund that is established to provide retirement, disability or death benefits to beneficiaries who are current or former employees (or persons designated by those employees) of one or more employers in consideration for services rendered, if, in respect of an entity, means an entity if either entity controls the other entity or the two entities are controlled by the same entity or individual (and in the case of two entities that are investment entities described under paragraph (b) of the definition means a natural person or entity that is resident in a reportable jurisdiction under the tax laws of that jurisdiction, or an estate of an individual who was a resident of a reportable jurisdiction under the tax laws of that jurisdiction immediately before death.

For this purpose, an entity that has no residence for tax purposes is deemed to be resident in the jurisdiction in which its place of effective management is situated.

tax reporting liquidating trust-3

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person (defined later) to file a Form 3520 has changed to the 15th day of the 4th month following the end of the U. See section 6662(j) and section 6664(c) for additional information. person that could possibly benefit (directly or indirectly) from the trust (including an amended trust) at any time, whether or not the person is named in the trust instrument as a beneficiary and whether or not the person can receive a distribution from the trust in the current year. If you and your spouse are both making transfers to the same trust and you file joint returns, you may file only one Form 3520. However, if you are an executor filing a Form 3520 with respect to a U. decedent, provide both the name of the Service Center where the decedent's final income tax return will be filed, and the name of the Service Center where Form 706 will be filed, if applicable. First enter the name of the Service Center where the decedent's final income tax return will be filed.

In the case of a Form 3520 filed with respect to a U. decedent, the due date to file a Form 3520 is no longer connected to the due date of the Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, but rather, has changed to the 15th day of the 4th month following the end of the decedent’s last tax year. No penalty will be imposed with respect to any portion of an underpayment if the taxpayer can demonstrate that the failure to comply was due to reasonable cause with respect to such portion of the underpayment and the taxpayer acted in good faith with respect to such portion of the underpayment. beneficiary includes: In general, a foreign trust will be treated as having a U. beneficiary unless the terms of the trust instrument specifically prohibit any distribution of income or corpus to a U. This line identifies the person that is filing Form 3520.

See If you answered "Yes" to the question on line 11b (line 25, column (e)) with respect to any obligation, you generally must answer “Yes” to the question on line 12 (line 26).

By so doing, you agree to extend the period of assessment of any income or transfer tax attributable to the transfer and any consequential income tax changes for each year that the obligation is outstanding to a date 3 years after the maturity date of the obligation.

Thus, a nongrantor trust is treated as a taxable entity. The reference ID number is not necessary if you are completing Part IV of the form.

Last modified 15-Dec-2017 02:28