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Simple English definitions for legal terms

administrative-control rule

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A quick definition of administrative-control rule:

Administrative-Control Rule: This is a tax rule that says if someone creates a trust but still has control over it and can use it for their own benefit, then they are responsible for paying taxes on it.

A more thorough explanation:

The administrative-control rule is a tax law that holds the creator of a trust responsible for paying taxes if they retain control over the trust that can be used primarily for their own benefit. This rule is outlined in the Internal Revenue Code (IRC) section 675.

For example, if John creates a trust and retains the power to change the beneficiaries or revoke the trust, he may be held liable for any taxes owed on the trust's income or assets. Similarly, if Jane creates a trust and retains the power to use the trust's assets for her own benefit, she may also be responsible for paying taxes on the trust.

Another example could be if a parent creates a trust for their child's education but retains the power to use the trust's assets for their own benefit, such as paying for their own expenses. In this case, the parent may be held liable for any taxes owed on the trust.

These examples illustrate how the administrative-control rule works by holding the creator of the trust responsible for taxes if they retain control over the trust that can be used primarily for their own benefit.

Administrative Conference of the United States | administrative-convenience exception

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18:45
yur
18:45
I’ve been doing that too you’ll be fine
18:45
i just saw that some kids a year below me in high school are starting at good ass schools too fuckkk
18:46
what are good ass schools to you?
18:46
do u have a dream school?
18:46
well i saw one is at fordham and one is at upenn and ik fordham isnt t14 but its better than temple and villanova
18:47
dream is duke
18:47
ooh interesting choice why Duke?
18:48
i got into fordham and so did the dumbass I was dating for like two months it’s not that hard
18:48
by which I mean if they let him in I don’t trust their standards
18:49
my dad went to duke law so i have been a fan forever
18:49
Duke is fun. I took a trip there when I was 19 or so. Really good time when I was a young rapscallion.
18:49
and ik i just dont think i gave myself enough time for a guaranteed 170+ performance
18:49
I didnt see if anyone answered my UGA question. Did anyone answer it?
18:53
@Dkkm11: are you not still a young rapscallion?
19:00
Nah, I am gray-bearded wizard.
19:02
Hmmm. I guess that’s okay.
19:03
Honestly, idk what I would call myself these days. Will probably not know until I can reflect on this part of my life which will be idk, in like 5 years when I am 32.
19:06
Does your life come in 5 year epochs typically?
19:06
Someone told me a while ago that I was probably molested as a kid because I don’t really have any clear memories of my childhood. But I don’t think I was.
1a2b3c4d26z
19:10
Inside thoughts!
19:10
this is where I post my inside thoughts
19:11
Nah, the fucked up thing about therapists is they try and make you think your parents are your enemy 99% of the time and really they should be telling you that your parents have almost no effect on the rest of your life. If they can get you to keep focusing on your parents they can keep making money.
19:12
Yeah, my life really does flow in about 5 years periods.
19:12
My crypto also flows in 5 day epochs too.
19:16
what do you do with your days as an unemployed crypto guy? do you play an instrument or something
19:47
please lawd
19:47
forgive me
19:47
its time to go back to tha old me
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