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Question 44: Question No. 82 of the ASPA 1999 IRS Q&As references 1563(e)(6), and it indicates that a child under age 18 will cause his parents to have a controlled group even if the parents' separate businesses are not affiliated. But when I look at Code section 1563(e)(6), age 21 is used, not age 18. What am I missing? |
Answer: Nothing at all. Well done. Sometimes, as a short hand, we will talk about attribution to a minor child, but we a really talking about attribution to or from a child under age 21, regardless of the age of majority in the state involved. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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