ARTICLE IV. GENERAL PROVISIONS

Internal Revenue Bulletin 2003-23 · 2026-10-03 edition · updated 2026-10-04 · United States

A. Taxable Year . The taxable year of the trust shall be the calendar year.

B. Governing Law . The operation of the trust shall be governed by the laws of the state of [state] . The Trustee, however, shall not have or exercise any power or discretion granted under applicable law that would prevent: (1) the QPRT administered under Article II above from meeting the requirements for a qualified personal residence trust under § 2702(a)(3)(A) of the Code and § 25.2702–5(c) of the regulations; or (2) the Transferor’s interest in any GRAT administered under Article III above from meeting the requirements for a qualified annuity interest under § 25.2702–3 of the regulations.

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▸Contents — Internal Revenue Bulletin 2003-23

Internal Revenue Bulletin 2003-23

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