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Ask a Lawyer -- Corporations
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Brought to you by MedLawPlus.com®-- Corporate Bylaws and initial board of directors resolution Price: $14.99 (free trial) |
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Question: Can the shares of an S-Corporation be transferred into a Revocable Living Trust? Response: Under Internal Revenue Code Section 1361(c)(2), a trust "which is treated as owned by an individual who is a citizen or resident of the United States" can be an S corporation shareholder. A revocable trust, for tax purposes, is treated as owned by the grantor of said revocable trust. Thus, as long as the grantor is a US citizen or resident, then a revocable trust can be an S-Cop oration shareholder. Link to additional information, see paragraph entitled "S Corp Stock Held in Trust." Submitted: 1-23-2006; Frank, TX Response: 1-27-2006; JJR Add A Comment |
Ask a Lawyer, Corporations Archives
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