itonewbie
Level 15
04-23-2020
06:31 PM
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@michael6It is NOT a software issue. This is a matter of law. If the foreign trustee is the only trustee, the trust would fail the control test under §7701 and be classified as a foreign trust, which then triggers a host of unintended tax consequences as well as onerous reporting requirements that would not otherwise apply to domestic trusts.
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Still an AllStar
Still an AllStar