Guest kan Posted November 13, 2001 Posted November 13, 2001 IRC 318 states: an individual is treated as owning any interest that is owned by the individual's spouse, children, grandchildren, or parents. What is the rule for grandparents? Are grandparents considered to own an interest for this purpose and if not what is the rationale behind it?
Tom Poje Posted November 13, 2001 Posted November 13, 2001 its the regs, there doesn't have to be rationale. hence, a grandchild's ownership interest is attributed to the grandparent, but a grandparent's ownership is not attributed to the grandchild.
Guest kan Posted November 13, 2001 Posted November 13, 2001 Thank you so much. Thats what I thought, I just didnt know how to convince others.
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