TITLE

Taking Issue

AUTHOR(S)
Gordon, Joseph M.
PUB. DATE
January 1995
SOURCE
Journal of Financial Planning;Jan1995, Vol. 8 Issue 1, p19
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents authors comment on the article "Minimizing the 'Triple Tax'," written by Lawrence Brody and Douglas Rothermich. The author opines that Brody and Rothermich do not elaborate on the income tax implication of naming a trust as the benificiary. The author is of the view that naming a qualified terminable interest property as a benificiary can trigger immediate income taxation. The author opines that the taxation of income from a charitable remainder unitrust takes the same characterization as the asset that was transferred in. In other words, the basis in a retirement asset is zero. It therefore follows that all distributions from a charitable remainder unitrust from a zero-basis asset will not be income-tax free, but will be subjected to ordinary income to the extent of the amount of the gift.
ACCESSION #
5553900

 

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