Springfield Missouri Form 8855 2020-2025

Springfield Missouri Form 8855: What You Should Know

What This Form Is Used For — Springfield Missouri What IRS Forms You Need to Know About ART — Any property that is subject to a qualified revocable trust. A qualified revocable trust, a REV, is a trust or other entity that (1) acquires or holds property through a contract with the trust (2) is created with more than one party or trusts and (3) is required to be regularly supervised by a bank or bank holding company under the Federal Deposit Insurance Act (“FIFA”). A REV is defined, for purposes of the FF IRA, as “[u]like a trust, such an entity can exist separately from a bank holding company and may be subject to the FDIC or Bank Insurance Fund Insurance Requirements under the FDIC and the Bank Holding Company Act of 1956 (“HCA”).” A REV is required to be supervised by both the bank or bank holding company (such as JPMorgan Chase Banks, N.A. in New York) and one or more other financial institutions that are permitted to handle the trust. The trust does not need to own property in order to be subject to the requirements of the FF IRA and HCA and a trust may hold, to a limited extent, property that, in and of itself, would not constitute an estate. REV property includes: Property held for trust, and Property acquired by the trust, for the benefit of the REV. The Trustee must have actual notice of the Trust's intent to distribute the Trust Property pursuant to the REV Trust Agreement (and must be granted such notice as required by Section 14.07(1)(b) of the FF IRA). If the Trust is acquired by a trust or other entity outside a bank holding company, the Trustee will need to have actual notice of the acquisition (and the actual notice requirement). Section 14.07(1)(b) of the FF IRA provides that the Notice to Acquire (the NOTICE ABOVE) must be signed by the Trust, not less than sixty (60) days prior to the Trust's acquisition, in a format which is clear, legible and includes: the name (and state, ) city, State, and Federal Taxpayer Identification Number of the bank holding company or other entity acquiring the trust. If the Notice to Acquire (the NOTICE BELOW) does not include the Trustee's name or state, it is not effective.

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