Several months ago a friend of mine showed me some IRS documentation on what he called a "72b trust" after the relevant section of the tax code. I've confirmed the trust name, however I cannot find any information on it at the IRS web site or Google. A key feature of the trust was you could sell appreciated assets, such as rental property, place the proceeds into the trust and defer tax on the appreciated proceeds until the money was distributed. Does anyone know if this really exists and if so does it go by another name?
Several months ago a friend of mine showed me some IRS documentation on what he called a "72b trust" after the relevant section of the tax code.Sounds like our old friend, Suzy's mother's hairdresser's boyfriend's cousin's roommate at work again. Ask your friend for a copy of the documentation. Section 72(b) isn't faintly related to what you're talking about.Phil
He's a partner at a finncial services company. The documentation he sent me the relevant IRS code, which read and inconvently misplaced.
You probably need to ask to see the documentation again. IRC §72(b) deals with the "exclusion ratio" computations for taxpayers who have basis in annujity contracts; IRAs and the like.TheBadger
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