In IRS Legal Memorandum 201003013, the IRS ruled that a retirement savings plan owned by a Canadian decedent, is not includable in his gross estate. The retirement plan owned shares of mutual funds that in turn owned stock in U.S. corporations. The situs of the retirement plan turned on whether the mutual funds were classified as trusts or corporations. The Service ruled that the funds should be classified as corporations and were therefore excludable from the decedent's estate under Section 2104(a).
Posted by Evan L. Abrams, Esq., Associate Editor, Wealth Strategies Journal
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