qualified severance
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 2642 — for purposes of this chapter
The term “qualified severance” means the division of a single trust and the creation (by any means available under the governing instrument or under local law) of two or more trusts if—
(I) the single trust was divided on a fractional basis, and
(II) the terms of the new trusts, in the aggregate, provide for the same succession of interests of beneficiaries as are provided in the original trust.
26 U.S.C. § 2642 — for purposes of this chapter
The term “qualified severance” includes any other severance permitted under regulations prescribed by the Secretary.