Qualified Subchapter S Trust definition

Qualified Subchapter S Trust or “QSST”) that is for the benefit of a Stockholder who is a party to this Agreement, (3) a trust that is treated under Sections 671 and 679 of the Code as owned by an individual (a “Grantor Trust”) and is for the benefit of a Stockholder who is a party to this Agreement, (4) a trust defined by Section 1361(e)(1) of the Code (an “Electing Small Business Trust”) that is for the benefit of a Stockholder who is a party to this Agreement, or (5) such other permitted Stockholder, as provided in Section 1361 of the Code or any successor section or sections thereto. A trust that is a QSST shall be a QSST for the benefit of a Stockholder who is a party to this Agreement. A trust that is a Grantor Trust shall be a Grantor Trust for the benefit of a Stockholder who is a party to this Agreement where the initial income or annuity beneficiary of such trust is a Stockholder who is a party to this Agreement. A trust that is an Electing Small Business Trust shall be an Electing Small Business Trust for the benefit of a Stockholder who is a party to this Agreement where all potential current beneficiaries are qualified S corporation stockholders.
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Qualified Subchapter S Trust. ("QSST") or "Electing Small Business Trust" ("ESBT"), as the case may be, or (ii) hold any such stock in a separate trust to be administered in the same manner as the S Trust, subject however to the provisions of clause (i) of this Paragraph; and, in addition, to perform all acts necessary to qualify any such S Trust or separate trust created under this Paragraph as a QSST or ESBT, as the case may be, including, without limitation, (x) obtaining beneficiary approval and election under Section 1361(d) or 1361(e) of the Code to qualify any such trust as a QSST or ESBT, as the case may be; and (y) modifying, reforming or revising any such trust or any other provision of this Agreement, and releasing any discretionary powers with respect to any such trust;
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Qualified Subchapter S Trust means any trust that is permitted to hold S Company stock under the Internal Revenue Code.
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Examples of Qualified Subchapter S Trust in a sentence

  • Notwithstanding any other provision of this document to the contrary, the Independent Trustee may, without application to any court, direct the reformation of any such irrevocable trust so that it satisfies the requirements of a Qualified Subchapter S Trust or an Electing Small Business Trust.

  • It is my intent that each separate trust will be recognized as a Qualified Subchapter S Trust (“QSST”) under Section 1361(d)(2) of the Internal Revenue Code, as amended from time to time.

  • By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ c/o iGate Corporation ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Fremont, California 94555 1,600,000 239,502 ▇▇▇▇▇▇▇▇ Partners No. 2 LP c/o iGate Corporation ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Fremont, California 94555 400,000 59,876 ▇▇▇▇▇ ▇▇▇▇▇▇▇ c/o iGate Corporation ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Fremont, California 94555 1,700,000 254,471 The Trivedi Family Qualified Subchapter S Trust c/o iGate Corporation ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Fremont, California 94555 300,000 44,907 Total: 4,000,000 598,756 Jefferies & Company, Inc.

  • Notwithstanding anything contained in this Section 3.5 to the contrary, a power granted under this Section 3.5 shall not be exercised in a manner tha would impair a trust beneficiary’s existing withdrawal rights or cut off a trust beneficiary’s powers over such withdrawal rights under Section 2.3.1, or that would violate any of the Qualified Subchapter S Trust requirements for any trust created as a QSST.

  • Accordingly, to the extent the terms of this Agreement are inconsistent with any trust created hereunder qualifying as a Qualified Subchapter S Trust for federal income tax purposes, it is my intent that the terms of the Trust S be construed and administered in a manner that is consistent with qualifying the Trust S as a Qualified Subchapter S Trust during any period that the Trust S holds S corporation stock, and any provision incapable of being so construed or applied shall be disregarded.

  • Notwithstanding anything in this Trust Agreement to the contrary, if a Trust administered under Paragraph 2 hereof shall consist, in whole or in part, of shares of stock of an S Corporation, and if said Trust is not otherwise an eligible S Corporation stockholder, then said shares of stock shall be administered as a separate Qualified Subchapter S Trust ("QSST Trust") for the applicable beneficiary’s benefit within the meaning of Section 1361(d)(3) of the Code.

  • The Trustee (excluding, however, any Interested Trustee) shall administer any trust under this section as a Qualified Subchapter S Trust, as defined in Code Sec.

  • S Trust Forms which includes Electing Small but Trust 13 Pages Qualified Subchapter S Trust 16 Pages and Voting Trust Agreement 14 Pages.

  • The Grantor directs the Trustee to assist the income beneficiary of such QSST Trust to make the necessary election for the applicable Trust to be treated and maintained as a Qualified Subchapter S Trust.

  • The Trustee shall make all appropriate elections to maintain the S corporation status and shall advise the beneficiary of the Trust S or his or her legal representative of the need for such beneficiary to make the election to treat the Trust S as a Qualified Subchapter S Trust for federal income tax purposes.