EFTA01049100.pdf

From: "Jeffrey E." <[email protected]> To: Brad Wechsler -4 Subject: Fwd: Fwd: Date: Tue, 18 Apr 2017 14:11:45 +0000 so much bullshit from torn and joslin. leads leon to borrow 25 m from bank in 2015 pay interest on it only then lend it to the govt . for free. Forwarded message From: Halperin, Alan S Date: Mon, Apr 17, 2017 at 7:08 PM Subject: RE: Fwd: To: "jeffrey E." <[email protected]> Under Treas. Reg. 301.6501(c)-1(f)(2)(iii), in order for there to be adequate disclosure and start the statute of limitations, among other things, the tax return must include "a brief description of the terms of the trust, or in lieu of a brief description of the trust terms, a copy of the trust instrument." Most accountants include a copy of the trust agreement because (i) it is a certainty that such inclusion satisfies this requirement and (ii) it does not require any drafting. However, the regulations clearly state that "a brief description of the terms of the trust" would be sufficient. Alan S. Halperin I Partner (Bio) Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas I New York, NY 10019-6064 (Direct Phone) (Direct Fax) From: jeffrey E. [mailtoleevacationagmail.coml Sent: Monday, April 17, 2017 6:20 PM To: Halperin, Alan S•‘: Subject: Fwd: is it your position that a summary of the trust document with a note that says full document available upon request. and attached to a tax return leaves it open to be deemed / not adequately disclosed TN Forwarded message From: Thomas Turrin Date: Mon, Apr 17, 2017 at 6:17 PM Subject: RE: To: "jeffrey E." <jeevacation®gmail.com> It is considered "best practice" to attach the complete trust document. You avoid running afoul of adequate disclosure. Some agent could "deem" a brief summary of the trust to be EFTA01049100 inadequate. This issue is avoided by having the trust document attached. El sure Alan Halperin would agree. From: Jeffrey E. [malltoreevac j ataion gin om Sent: Monday, April 17, 2017 5:58 PM To: Thomas Turrin Subject: Note that the Form 709 instructions also indicate that either a copy of the trust document or o the 709 if there are any trust gifts reported. I haven't seen the IRS question the absence of this; but technically, the gift has not been "adequately disclosed" without this attachment, meaning that the statute of limitations never begins to run on the return. please EFTA01049101