Foreign Trusts For US Family Members: Use of Section 645 Election
Foreign Trusts For US Family Members: Use of Section 645 Election
Foreign Trusts For US Family Members: Use of Section 645 Election
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After Death <strong>of</strong> Grantor<br />
United States<br />
Beneficiary<br />
NRA’s<br />
Estate<br />
(<strong>645</strong> Electing Trust)<br />
“Churned” <strong><strong>For</strong>eign</strong><br />
Passive Assets<br />
(Asset 1)<br />
<strong><strong>For</strong>eign</strong> Corp<br />
w/<strong><strong>For</strong>eign</strong><br />
Business<br />
(Asset 2)<br />
PFIC –<br />
Passive Assets<br />
CFC –<br />
Passive Assets<br />
(Asset 3)<br />
Churning <strong>of</strong> Assets –<br />
Basis Step-Up to<br />
Passive Assets<br />
“Check-the-Box” <strong>Election</strong>s –<br />
Basis Step-Up to<br />
Underlying Assets<br />
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