EFTA02652523.pdf

From: jeffrey E. <[email protected]> Sent: Tuesday, April 18, 2017 2:12 PM To: Brad Wechsler Subject: Fwd: Fwd: so much bullshit from tom and joslin. =AO leads leon to borrow 25 m from bank in 2015 =AO pay interest on it only then lend it to the govt . for free= Forwarded messa e From: Halperin, Alan S < <mailto >> Date: Mon, Apr 17, 2017 at 7:08 PM Subject: =E: Fwd: To: "jeffrey E." <[email protected] <mailto:jeevacation@gm=il.com» 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) I <tel:e> (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 =essage From: Thomas Turrin < <mailto >> EFTA_R1_01895830 EFTA02652523 Date: Mon, Apr 17, 2017 at 6:17 PM Subject: RE: To: "jeffrey E." <[email protected] <mailto:[email protected]» 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 </=iv> --001a11c121f2e177c3054d717df-- conversation-id 47223 date-last-viewed 0 date-received 1492524705 flags 8590195713 gmail-label-ids 7 remote-id 706295 2 EFTA_R1_01895831 EFTA02652524