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Qualified subchapter S trusts. (Estates & Trusts) by Diers Dan A. Abstract- Qualified Subchapter S trusts (QSSTs) can provide tax payers with substantial income tax and estate tax savings. QSSTs are different than other other S corporation trusts in that the beneficiary is usually someone other than the grantor of their estate. Grantors/shareholders can use the QSST to make a gift of all or ...

 

In United States federal income tax law a qualified Subchapter S trust is one of several types of trusts that may retain ownership as the shareholder of an S corporation. The beneficiary of such a trust makes a QSST election for each S corporation in which the trust holds stock. A trust is eligible to hold S corporation stock if it is a Subpart E trust ("grantor trust") a testamentary trust ...

 

The scope of this article is limited to those certain trusts which can hold S corporation stock and specifically how to file late elections to have such trusts qualify as a trust eligible to hold S corporation stock.

 

A QSST is a trust that has only one current income beneficiary (who must be a citizen or resident of the U.S.) all income must be distributed currently and the trust corpus may not be ...

 

The QSST may be useful for estate planning purposes and for holding S stock for the benefit of a minor or incompetent.

 

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