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Text: S03722                            Text: S03724
Text: S03700 - S03799                   Text: S Index
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Senate Amendment 3723

Amendment Text

PAG LIN
  1  1    Amend the committee amendment, S-3686, to House
  1  2 File 266, as passed by the House, as follows:
  1  3    #1.  Page 16, by inserting after line 11 the
  1  4 following:
  1  5    "Sec. ___.  Section 633.699, subsection 7, Code
  1  6 1997, is amended to read as follows:
  1  7    7.  To make any required division, allocation, or
  1  8 distribution in whole or in part in money, securities,
  1  9 or other property, and in undivided interests therein
  1 10 pro rata, nonpro rata, or in combination of these
  1 11 methods, and to continue to hold any remaining
  1 12 undivided interest in trust.
  1 13    Sec. ___.  Section 633.703A, subsection 1,
  1 14 unnumbered paragraph 1, Code 1997, is amended to read
  1 15 as follows:
  1 16    In order to allow a trust to qualify as a marital
  1 17 deduction trust for federal estate tax purposes, as a
  1 18 qualified subchapter S trust for federal income tax
  1 19 purposes, as separate trusts for federal generation-
  1 20 skipping tax purposes, or for any other federal or
  1 21 state income, estate, excise, or inheritance tax
  1 22 benefit or to facilitate the administration of a trust
  1 23 or trusts, the governing instrument of a trust may be
  1 24 amended as follows to permit the trust to be divided
  1 25 in cash or in kind, including in undivided interests,
  1 26 by pro rata or nonpro rata division, or in any
  1 27 combination thereof, into one or more separate trusts
  1 28 or be consolidated with one or more other trusts into
  1 29 a single trust:"
  1 30    #2.  By renumbering as necessary.  
  1 31 
  1 32 
  1 33                               
  1 34 DONALD B. REDFERN 
  1 35 HF 266.703 77
  1 36 mg/sc/28
     
Text: S03722                            Text: S03724
Text: S03700 - S03799                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index
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