From: jeffrey E. <jeevacation@gmail.com> Sent: Monday, April 17, 2017 11:14 PM To: Thomas Turrin Subject: Fwd: Fwd: Forwarded messa - From: Halperin, Alan S < <mailto Date: Mon, Apr 17, 2017 at 7:08 PM Subject= RE: Fwd: To: "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@=mailcom» > > Under Treas. Reg. 301.6501(c)-1(f)(2)=iii), in order for there to be adequate disclosure and start the statute o= limitations, among other things, the tax return must include "a brief description of the terms of the trust, or in=lieu of a brief description of the trust terms, a copy of the trust instru=ent." Most accountants include a copy of the trust agreement=because (i) it is a certainty that such inclusion satisfies this requirement and (ii) it does not require any drafting. However,=the regulations clearly state that "a brief description of the ter=s of the trust" would be sufficient. Alan S. Halperin I Partner (Bio=/a>) Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas I New York, NY 10019-6064 <https://www.paulweiss.com/professionals/partnersand=counsel/alan-s-halperin.aspx?utm_source=signature> (- <tel: -> (Direct Phone) <tel: > (Direct Fax) <mailto > www.paulweiss.com <http://www.paulweiss.com> From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Monday, April 17, 2017 6:20 PM To: Halperin, Alan S < <mailto Subject: Fwd: > > is it your position that a summary of the trust docu=ent with a note that says full document available upon request. and =ttached to a tax return leaves it open to be deemed / =AO not adequately disclosed ??! Forwarded =essa e From: Thomas Turrin < <mailto > > Date: Mon, Apr 17, 2017 at 6:17 PM Subject: RE: To: "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@gmail.com» EFTA_R1_01896164 EFTA02652769 It is considered "best practi=e" to attach the complete trust document. You<=> avoid running afoul of adequate discl=sure. Some agent could "deem" a brief su=mary of the trust to be inadequate. This issue is=avoided by having the trust document attached. I'm sure Alan Halperin would =gree. From: Jeffrey E. [mailto:jeevacation@gmail.comj Sent: Monday, April 17, 2017 5:58 PM To: Thomas Turrin Subject: Note that the Form 709 instructions also indicate th=t either a copy of the trust document or a brief summary of the trust provisions shoul= be attached to the 709 if there are any trust gifts reported. I ha=en't seen the IRS question the absence of this; but technically, t=e gift has not been "adequately disclosed" without this attachment, meaning that the statute of limitations never beg=ns to run on the return. please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. 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If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01896165 EFTA02652770 This message is intended only fo= the use of the Addressee and may contain information that is privileged a=d confidential. If you are not the intended recipient, you are hereby not=fied that any dissemination of this communication is strictly prohibited. =lf you have received this communication in error, please erase all copies =f the message and its attachments and notify us immediately.=/p> =AO please note The information contained in this commu=ication is confidential, may be attorney-client privileged, may cons=itute inside information, and is intended only for the use of the addre=see. It is the property of JEE Unauthorized use, disclosure or copyi=g of this communication or any part thereof is strictly prohibited a=d may be unlawful. If you have received this communication in error, pl=ase notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, a=d destroy this communication and all copies thereof, including all a=tachments. copyright -all rights reserved --001a113a97427bcf63054d64f08e-- conversation-id 47223 date-last-viewed 0 date-received 1492470810 flags 8590195713 gmail-label-ids 7 6 remote-id 706061 3 EFTA_R1_01896166 EFTA02652771