Ryan Chusid
July 22, 2024 | Daily Business Review
New Proposed Guidance From the IRS on Foreign Trust Transactions and Large Gifts From Non-US PersonsThis article summarizes the treatment of ownership of foreign trust assets; discusses the guidance for reporting a transfer and a donee's receipt of a distribution from a foreign trust, as well as the receipt of a large gift from an NRA; and addresses the treatment of certain loans with a foreign trust under the proposed regulations.
By Jonathan Gopman, Victor Gabuardi and Ryan Chusid
7 minute read
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