QSSTQualified Subchapter S Trust
QSSTQuiet Supersonic Transport
QSSTQuiet Small Supersonic Transport
QSSTQuantico Sharks Swim Team (Virginia)
QSSTQualified Sub S Trust (US IRS)
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References in periodicals archive ?
Under the facts of the letter rulings, the terms of a trust that provided for discretionary distributions to the descendants of the primary beneficiary during the primary beneficiary's lifetime were reformed pursuant to a binding, nonjudicial settlement agreement so that the QSST requirement limiting distributions to the current beneficiary during the beneficiary's lifetime would be satisfied.
Such trusts can be restructured or amended to qualify as a QSST or an ESBT.
(6dv) Trusts exempt from income tax, QSSTs, charitable remainder annuity trusts, and charitable remainder unitrusts may not be ESBTs.
The QSST is a rather inflexible planning tool, so Congress created the ESBT in 1996.
Other than certain special purpose trusts, only a grantor trust, a Qualified Subchapter S Trust (QSST) or an Electing Small Business Trust (ESBT) may be a Subchapter S shareholder.
One of these, the qualified Subchapter S trust (QSST), is modeled after the grantor trust.
The IRS recently announced exclusive simplified methods for taxpayers to request late S corporation elections and to request relief for late Electing Small Business Trust (ESBT) elections, late Qualified Subchapter S Trust (QSST) elect i ons, late Qualified Subchapter S Subsidiary (QSub) elections, certain late corporate classification elections, and pending letter ruling requests.
In many circumstances, a QSST will work well; however, the trustee of a QSST must either be required by the terms of the document to pay out all the net income of the trust to the beneficiaries or must actually pay out all income.
The law does allow a trustee to be an S corporation shareholder, but only if (a) the grantor or other individual is treated for income tax purposes as the owner of the trust property under IRC Sections 671 to 678 (a so-called "grantor trust"); (b) such a grantor trust continues after the grantor's death (limited to a period of two years after death); (c) the trust receives the stock under a will (a so-called "testamentary trust" and it holds S corporation stock only up to a maximum of two years after the stock is transferred to the trust); (d) the trust was created primarily to vote stock (a so-called "voting trust"); (e) the trust is a qualified subchapter S trust (QSST) (see last question and answer); or (f) the trust is an electing small business trust (ESBT).
* Qualified Subchapter S Trusts (QSSTs) which are allowable for a term of years or for the duration of one or more life estates.(10) A QSST is a grantor trust with respect to the current income beneficiary via Section 678.