§676 — Power to revoke
23 cases·2 followed·21 cited—9% support
Statute Text — 26 U.S.C. §676
The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under any other provision of this part, where at any time the power to revest in the grantor title to such portion is exercisable by the grantor or a non-adverse party, or both.
Subsection (a) shall not apply to a power the exercise of which can only affect the beneficial enjoyment of the income for a period commencing after the occurrence of an event such that a grantor would not be treated as the owner under section 673 if the power were a reversionary interest. But the grantor may be treated as the owner after the occurrence of such event unless the power is relinquished.
23 Citing Cases
income are vested in the grantor or certain other persons, gee sec. 674; (3) certain administrative powers are exercisable by the grantor or a nonadverse party,18 gee sec. 675; (4) the trust can be revoked by the grantor or a nonadverse party, see sec. 676; or (5) trust income can be distributed to the grantor or the grantor's spouse or be used to pay for insurance on their lives without the consent ofan adverse party, me sec. 677. IV. Winch Road Property Income We examine Lost Creek Trust usin
Third, trust income can be distributed to the grantor or the grantor's spouse or be - 17 - used to pay for insurance on their lives without the consent of an adverse party. Sec. 677. Fourth, specified powers to control beneficial enjoyment of the corpus or income are "vested in the grantor or certain other persons. Sec. 674. Fifth, certa
Third, trust income can be distributed to the grantor or the grantor's spouse or be - 17 - used to pay for insurance on their lives without the consent of an adverse party. Sec. 677. Fourth, specified powers to control beneficial enjoyment of the corpus or income are vested in the grantor or certain other persons . Sec . 674 . Fifth, cer
Third, trust income can be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party. Sec. 677. Fourth, specified powers - 25 - to control beneficial enjoyment of the corpus or income are vested in the grantor or certain other persons. Sec. 674. Fifth, certai
Third, trust income can be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party. Sec. 677. Fourth, specified powers - 25 - to control beneficial enjoyment of the corpus or income are vested in the grantor or certain other persons. Sec. 674. Fifth, certai
Third, trust income can be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party. Sec. 677. Fourth, specified powers - 25 - to control beneficial enjoyment of the corpus or income are vested in the grantor or certain other persons. Sec. 674. Fifth, certai
s outstanding stock consisted 2Arbeit’s sole purpose was to act as a nominee for petitioners, as trustee of the Gerald Rauenhorst Revocable Trust. This trust was a revocable grantor trust, and its assets were treated as owned by Mr. Rauenhorst under sec. 676. - 4 - of 2,400 shares of class A common stock and 660 shares of series B preferred stock that were convertible share for share into NMG common stock. NMG’s stock was owned as follows: Common Stock Shares of Ownership Shares of Shareholder C
les of Practice and Procedure. Arbeit’s sole purpose was to act as a nominee for petitioners, as trustee of the Gerald Rauenhorst Revocable Trust. This trust was a revocable grantor trust, and its assets were treated as owned by Mr. Rauenhorst under sec. 676. The parties agree that this case is appealable to the Court of Appeals for the Eleventh Circuit. Binding precedent in the Eleventh Circuit includes decisions of the Court of Appeals for the Fifth Circuit filed before Oct. 1, 1981. Shepherd
or trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest, sec. 673, (2) the trust cannot be revoked by the grantor or a nonadverse party, sec. 676, (3) trust income cannot be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party, sec. 677, (4) specified powers to control - 27 - beneficial enjoyment of t
r trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest (sec. 673), (2) the trust cannot be revoked by the grantor or a nonadverse party (sec. 676), (3) trust income cannot be distributed to the grantor or the grantor’s spouse or used to pay for insurance on their lives without the consent of an adverse party (sec. 677), (4) specified powers to control beneficial enjoyment of the corpu
or trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest, sec. 673, (2) the trust cannot be revoked by the grantor or a nonadverse party, sec. 676, (3) trust income cannot be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party, sec. 677, (4) specified powers to control - 27 - beneficial enjoyment of t
or trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest, sec. 673, (2) the trust cannot be revoked by the grantor or a nonadverse party, sec. 676, (3) trust income cannot be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party, sec. 677, (4) specified powers to control - 27 - beneficial enjoyment of t
or trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest, sec. 673; (2) the trust cannot be revoked by the grantor or a nonadverse party, sec. 676; (3) trust income cannot be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party, sec. 677; (4) specified powers to control beneficial enjoyment of the corp
or trust provisions are independent of those imposed by the others, the grantor can avoid taxation only if (1) he does not possess a disqualifying reversionary interest, sec. 673, (2) the trust cannot be revoked by the grantor or a nonadverse party, sec. 676, (3) trust income cannot be distributed to the grantor or the grantor’s spouse or be used to pay for insurance on their lives without the consent of an adverse party, sec. 677, (4) specified powers to control - 27 - beneficial enjoyment of t