EFTA02652769.pdf

From: jeffrey E. <[email protected]> Sent: Monday, April 17, 2017 11:14 PM To: Thomas Turrin Subject: Fwd: Fwd: Forwarded messa - From: Halperin, Alan S < <mailto >> Date: Mon, Apr 17, 2017 at 7:08 PM Subject= RE: Fwd: To: "jeffrey E." <[email protected] <mailto:jeevacation@=mailcom» Under Treas. Reg. 301.6501(c)-1(f)(2)=iii), in order for there to be adequate disclosure and start the statute o= 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 instru=ent." 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 ter=s of the trust" would be sufficient. Alan S. Halperin I Partner (Bio=/a>) Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas I New York, NY 10019-6064 <https://www.paulweiss.com/professionals/partners- and=counsel/alan-s-halperin.aspx?utm_source=signature> (- <tel:-> (Direct Phone) <tel: > (Direct Fax) <mailto > www.paulweiss.com <http://www.paulweiss.com> From: jeffrey E. [mailto:[email protected]] Sent: Monday, April 17, 2017 6:20 PM To: Halperin, Alan S < <mailto >> Subject: Fwd: is it your position that a summary of the trust docu=ent with a note that says full document available upon request. and =ttached to a tax return leaves it open to be deemed / =AO not adequately disclosed ??! Forwarded =essa e From: Thomas Turrin < <mailto >> Date: Mon, Apr 17, 2017 at 6:17 PM Subject: RE: To: "jeffrey E." <[email protected] <mailto:[email protected]» EFTA_R1_01896164 EFTA02652769 It is considered "best practi=e" to attach the complete trust document. You<=> avoid running afoul of adequate discl=sure. Some agent could "deem" a brief su=mary of the trust to be inadequate. This issue is=avoided by having the trust document attached. I'm sure Alan Halperin would =gree. From: Jeffrey E. [mailto:[email protected] Sent: Monday, April 17, 2017 5:58 PM To: Thomas Turrin Subject: Note that the Form 709 instructions also indicate th=t either a copy of the trust document or a brief summary of the trust provisions shoul= be attached to the 709 if there are any trust gifts reported. I ha=en't seen the IRS question the absence of this; but technically, t=e gift has not been "adequately disclosed" without this attachment, meaning that the statute of limitations never beg=ns to run on the return. please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01896165 EFTA02652770 This message is intended only fo= the use of the Addressee and may contain information that is privileged a=d confidential. If you are not the intended recipient, you are hereby not=fied that any dissemination of this communication is strictly prohibited. =lf you have received this communication in error, please erase all copies =f the message and its attachments and notify us immediately.=/p> =AO please note The information contained in this commu=ication is confidential, may be attorney-client privileged, may cons=itute inside information, and is intended only for the use of the addre=see. It is the property of JEE Unauthorized use, disclosure or copyi=g of this communication or any part thereof is strictly prohibited a=d may be unlawful. If you have received this communication in error, pl=ase notify us immediately by return e-mail or by e-mail to [email protected], a=d destroy this communication and all copies thereof, including all a=tachments. copyright -all rights reserved --001a113a97427bcf63054d64f08e-- conversation-id 47223 date-last-viewed 0 date-received 1492470810 flags 8590195713 gmail-label-ids 7 6 remote-id 706061 3 EFTA_R1_01896166 EFTA02652771