Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Does an entity which is more than 5% owned by a trust satisfy the family-owned test?

April 26, 2017entity family-owned satisfy Test Trust

0

Posted

Does an entity which is more than 5% owned by a trust satisfy the family-owned test?

1 Answer

0

Posted

The only trust that is within the “family-owned” definition is a “trust of a deceased individual … ” The department construes this to refer to a testamentary trust, the beneficiary of which must be a person who would fall within one of the categories listed in Tenn. Code Ann. Section 6704-2008(a)(11)(B)(i), that is, an ancestor, spouse, etc.