[EstGift] FW: Decanting Subcommittee - Draft Report and Proposed Draft Revenue Ruling

[William L. Crawford]

-----Original Message-----
From: Virna Tavarez 
Sent: Saturday, June 25, 2011 10:24 AM
To: William L. Crawford
Subject: Fw: Decanting Subcommittee - Draft Report and Proposed Draft Revenue Ruling

Bill, 
Can you please forward this email to Estate & Gift Tax and Fiduciary Income Tax Committees ASAP?

Thank you 
Virna 


vjtavarez at actec.org 
201-675-0600

----- Original Message -----
From: Mancini, Mary Ann <MaryAnn.Mancini at bryancave.com>
To: Virna Tavarez
Sent: Sat Jun 25 13:17:46 2011
Subject: FW: Decanting Subcommittee - Draft Report and Proposed Draft Revenue Ruling

Here you go

________________________________

From: Cushing, George L. [mailto:George.Cushing at klgates.com] 
Sent: Friday, May 20, 2011 5:00 PM
To: ebucher at proskauer.com; jblattmachr at hotmail.com; creid at rbh.com; pvanhorn at mclaughlinstern.com; Cushing, George L.; Robert Romanoff; dtescher at tescherspallina.com; Linda Hirschon; akatzenstein at proskauer.com; Lauren Detzel; 'Susan K. Smith'
Cc: Diana Zeydel; Mancini, Mary Ann; Ron Aucutt; Bruce Stone
Subject: Decanting Subcommittee - Draft Report and Proposed Draft Revenue Ruling


Dear Members of the Decanting Sub Committee:
 
I attach two important documents in PDF format which have been drafted by Jonathan and which give us a significant head start in our consideration of the tax consequences of decanting irrevocable trusts. The first document is a report on the decanting process, including an analysis of  the fiduciary law issues and a comprehensive income, estate , GST and gift tax analysis. The Report is comprehensive and extremely well reasoned; I think that it is well worth our study.
 
The second document is a proposed revenue ruling which illustrates the likely tax consequences of five different proposed decanting scenarios.
 
Jonathan's goal is, I think, to provide a report such as this to Jim Hogan at Treasury along with a proposed revenue ruling to suggest how the IRS can promulgate reasonable positions on the tax consequences of the decanting process and hopefully move forward from its current "no rulings" position.  Assuming that our committee is able to reach agreement on the text of the report and the proposed ruling, we may be able to advance the ball.
 
I have arranged for our sub committee to meet at the Summer Meeting on Saturday from 1-2:30; the precise location is being determined by Dylah Wallenius of the ACTEC staff even as we speak. There will be refreshments. 
I tried to identify a time slot on Saturday (when the maximum number of Fellows are likely to be at the Meeting) that would pose the fewest conflicts; the 12:15 to 2:45 time slot also includes the Practice Committee, the FATF Task force, the State Chairs Steering Committee and the ACTEC Foundation. All of those meetings start at 12:15 so that those of you with divided loyalties may be able to divide their time between the two meetings.
 
If any of you have any questions, please let me know.
 
George Cushing
 
 
 
 


________________________________

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bcllp2011

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