qualified severance
Defined in 1 place of the United States Code.
The term “qualified severance” includes any other severance permitted under regulations prescribed by the Secretary.
Source
- 2001–present26 U.S.C. § 2642Internal Revenue Code · Inclusion ratio · 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.
Source
- 2001–present26 U.S.C. § 2642Internal Revenue Code · Inclusion ratio · for purposes of this chapter