Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Which of the following is not considered a power to

distribute income to or for...
Which of the following is not considered a power to distribute income to or for the benefit of the grantor under IRC Section 677?A distribution may be made by s non
adverse party to the grantor's spouse.
A possibility exists that the grantor might receive an interest back as a surviving spouse under a statutory right of election.
A power is exercisable by the garsntor's spouse to accumulate income for the benefit of the grantor
A power is exercisable by the grantor to apply the income of the trust to pay premiums on a second to die policy covering the grantor and his/her spouse.
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
3/25/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified
possibility exists that the grantor might receive an interest back as a surviving spouse under a statutory right of election
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
1,269 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Husband and .wife have separate wills which state that real
Husband and .wife have separate wills which state that real and personal assets pass over to a Husband and Wife Trust upon their death. Assets in the trust are managed for the benefit of grantors by t… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm a Trustee of a Trusts that was splint into a Marital
I'm a Trustee of a Trusts that was splint into a Marital Trust and Family Trust after the Grantor passed away in 2006. Now the Grantor's wife has passed awayand the stock funds were distributed to the… read more
socrateaser
socrateaser
1,031 satisfied customers
I am a US citizen and I have 4 foreign fiduciary ( trust)
I am a US citizen and I have 4 foreign fiduciary ( trust) investment in Colombia. Foreign nongrator trust administrate by a fiduciary. Property real states ( hotel, commercial center). My participatio… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have some questions on a foreign trust. Bob is a US
I have some questions on a foreign trust. Bob is a US citizen living in California who when he died set up trusts for his grandchildren, who live in Australia with their mother. The mother and her chi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Im a Cdn/US citizen living in Canada. I own shares in my
Im a Cdn/US citizen living in Canada. I own shares in my dental Prof Corp that generates all of its income from my engagement with the company as a dentist providing dental services. This company pays… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
There were three beneficiaries of a complex trust [Only held
There were three beneficiaries of a complex trust [Only held real estate ]. Two of the beneficiaries died within 3 months of each other and the remaining beneficiary sold the land 3 months after the d… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
taxmanrog. Hi Roger, Client originally had an A/B trust.
taxmanrog. Hi Roger, Client originally had an A/B trust. The trust attorney had them rewrite the trust when one of the two beneficiaries died in 2008. The new trust is called, "power of appointment tr… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is a trust eligible for the exclusion of gain on the sale of
Is a trust eligible for the exclusion of gain on the sale of a principal residence? Facts: Taxpayer died in 2007. Residence was an asset of her grantor trust at the date of death. The trust provided f… read more
abci168
abci168
Principal
27 satisfied customers
My children are beneficiaries of a simple trust. Is the trust
My children are beneficiaries of a simple trust. Is the trust income requirement for filing $600? I am confused because the tax calculation schedule G form 1041 shows 15% tax on amounts $0 to $2400 do… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Grandma(now deceased) sets up a Retirement Plan Trust holding
Grandma(now deceased) sets up a Retirement Plan Trust holding a couple of IRA's. It is a conduit trust to her grandchildren with the minimum distributions being paid out to 3 separate trusts for each … read more
Shane-CPA
Shane-CPA
CPA, PFS, CGMA
1 satisfied customers
Property transferred into an irrevocable trust created by owner
Property transferred into an irrevocable trust created by owner of property and then distributed at his death to his children or next of kin still loses out on the step up in basis? If grantor retains… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a client who set up a trust in their childs name and
I have a client who set up a trust in their child's name and SSN. The trust has proceeds from the sale of stock in which will be reported in the child's SSN. Do I need to report these sale proceeds on… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have 3 Trusts where the Grantors resident state is Maryland
I have 3 Trusts where the Grantor's resident state is Maryland and the Trustee's resident state is Virginia (the trusts are administered in VA). The 3 beneficiaries reside in New York, Washington D.C.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a principal residence is held in a revocable trust but the
If a principal residence is held in a revocable trust but the husband and wife have lived in the residence for more than five years and the grantor of the trust is the husband with the wife as trustee… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are assets Distributed from an irrevocable Grantor trust after
Are assets Distributed from an irrevocable Grantor trust after the death of the settlor/ creator included in the gross estate of the settlor and what is the basis of those assets for the beneficiaries… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a step-up basis was taken on property held in trust and
If a step-up basis was taken on property held in trust and the trust is a simple trust and on the tax return of the income beneficiary it's called a grantor type trust who gets the depreciation deduct… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
If a Beneficiary of a trust has medical expenses paid out of
If a Beneficiary of a trust has medical expenses paid out of the trust, are they able to deduct those expenses from their personal return… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am about to become a US resident alien. In 1994 I set up ...
I am about to become a US resident alien. In 1994 I set up a trust outside of the US (therfore more than 5 years before I will become US resident for tax purposes). I am the sole beneficiary of the tr… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x