Publisher's Synopsis
Excerpt from Description of Bills Relating to the Tax Treatment of Mortgage Related and Other Asset Backed Securities (S. 1959 and S. 1978) And Environmental Zones (S. 1839): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Senate Committee on Finance on January 31, 1986
Under present law, the grantor of a grantor trust is treated as the owner of the assets held by the trust. Under Treasury regula tions, a trust that has more that one class of interests if cer tain beneficiaries receive distributions of principal before other beneficiaries) is treated as an association taxable as a corporation, and not as a grantor trust.
The application of the present law rules relating to the treat ment of original issue discount and market discount with respect to debt obligations that are prepaid is somewhat uncertain.
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