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Bishop Is that trust an ordinary trust or a business trust? Business lawyers commonly assume that trusts formed for their clients will be taxed as "ordinary trusts" under federal income tax rules.

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While the check-the-box regulations dramatically converted the Kintner regulations' ordinary corporate classification into disregarded entity (grantor trust) and partnership status, those same regulations did nothing to affect when an ordinary trust will be considered a business trust. The Kintner regulations most often classified special purpose business trusts as corporations because they possessed at least three of the relevant resemblance criteria, including (1) continuity of life (trust continues with provision for succession even though a particular trustee ceases; notwithstanding the death of a beneficiary; and even though a beneficiary transfers their interest in the trust), (2) centralized management (trustees act much in the same function and manner as corporate directors), and (3) limited liability (liability normally limited to the trust property under state trust law).

Indeed, that momentous decision incorporates ancient case law. Thus, the check-the- box regulations added important flexibility to these trusts and to some degree desensitized the stakes of being classified as a business trust. Accordingly, the trust instrument must carefully and narrowly grant the trustee only the powers reasonably necessary to accomplish such a purpose. 1961), determined that "there was undoubtedly considerable business activity on the part of the trustees in this case, but it does not appear to have involved more than what was required to conserve the value of the property and obtain a satisfactory price for it." The case may be examined for particulars but the approach and result is encouraging.

19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the previously announced liquidating distribution of $1.00 per beneficial interest in the Trust will be paid in cash on August 23, 2016 to holders of record on August 17, 2016. 05, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (the "Company") announced that it has transferred its remaining assets to (and its remaining liabilities were assumed by) Winthrop Realty Liquidating Trust (the "Liquidating Trust") in accordance with the Company's Plan of Liquidation.

BOSTON, July 28, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE: FUR) (the "Company" or "Winthrop"), which is liquidating and winding down pursuant to a plan of liquidation, announced today its financial and operating results for the second quarter ended June 30, 2016.

12, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today that the Trust's trustees have approved a liquidating distribution of $0.40 per common beneficial unit in the Trust payable in cash on October 22, 2018 to holders of record on October 15, BOSTON, June 19, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today that the Trust's trustees have approved a liquidating distribution of $0.50 per common beneficial unit in the Trust payable in cash on June 27, 2018 to holders of record on June 20, 2018.

The BOSTON, April 30, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of 701 Seventh Avenue property (a/k/a 20 Times Square) in the Times Square area of Manhattan, New York for a gross sales price of

The BOSTON, April 30, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of 701 Seventh Avenue property (a/k/a 20 Times Square) in the Times Square area of Manhattan, New York for a gross sales price of $1.53 billion.Whether a trust is considered an ordinary trust or a business trust depends on (1) whether the terms of the written trust instrument grants the trustee broad powers to engage in a business with the trust property and (2) whether the trust also has associates. The tax regulations define a liquidating trust as one created for the primary purpose of "liquidating and distributing its assets" (Treas. So viewed, a liquidating trust is not a business trust because it possesses only a liquidation objective (protect and conserve) rather than a broader business objective. While several pre-check-the-box private letter tax rulings considered the status of liquidating trusts, no noticeable post-1997 rulings have been released.This is true regardless of whether the business purpose powers are necessary for a particular trust and regardless of whether the trustee actually exercises those powers. However, if the existence of the trust is unreasonably prolonged or if the liquidation purpose becomes sufficiently obscured or abandoned by business activities, the trust will "become" a business trust. No doubt this is attributable to the fact that after that date, a failed liquidating trust will merely be treated as an unincorporated business entity and thus as a partnership (two or more beneficiaries) or disregarded entity (grantor trust status if single beneficiary).Applying standards first articulated in Morrissey v. Trusts possessing less than three of these criteria were taxable as partnerships.Notably, the ordinary legal characteristics of a trust dictated that most business trusts were taxable as corporations. and Wyman Building Trust, it may be prudent (when ordinary trust status is desired) for the trust instrument to expressly provide that the trustee: Even a trust with a demonstrated business purpose will not be classified as a business trust unless it also has associates.BOSTON, July 19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE: FUR) ("Winthrop") announced today that its venture which owns 701 Seventh Avenue (a/k/a 20 Times Square) in Times Square area of Manhattan, New York has entered into a lease with The Hershey Company for retail space of BOSTON, July 11, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust ("Winthrop") (NYSE: FUR), announced that it will release its second quarter 2016 results on Thursday, July 28, 2016 prior to the market open.

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The BOSTON, April 30, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of 701 Seventh Avenue property (a/k/a 20 Times Square) in the Times Square area of Manhattan, New York for a gross sales price of $1.53 billion.

Whether a trust is considered an ordinary trust or a business trust depends on (1) whether the terms of the written trust instrument grants the trustee broad powers to engage in a business with the trust property and (2) whether the trust also has associates. The tax regulations define a liquidating trust as one created for the primary purpose of "liquidating and distributing its assets" (Treas. So viewed, a liquidating trust is not a business trust because it possesses only a liquidation objective (protect and conserve) rather than a broader business objective. While several pre-check-the-box private letter tax rulings considered the status of liquidating trusts, no noticeable post-1997 rulings have been released.

This is true regardless of whether the business purpose powers are necessary for a particular trust and regardless of whether the trustee actually exercises those powers. However, if the existence of the trust is unreasonably prolonged or if the liquidation purpose becomes sufficiently obscured or abandoned by business activities, the trust will "become" a business trust. No doubt this is attributable to the fact that after that date, a failed liquidating trust will merely be treated as an unincorporated business entity and thus as a partnership (two or more beneficiaries) or disregarded entity (grantor trust status if single beneficiary).

Applying standards first articulated in Morrissey v. Trusts possessing less than three of these criteria were taxable as partnerships.

Notably, the ordinary legal characteristics of a trust dictated that most business trusts were taxable as corporations. and Wyman Building Trust, it may be prudent (when ordinary trust status is desired) for the trust instrument to expressly provide that the trustee: Even a trust with a demonstrated business purpose will not be classified as a business trust unless it also has associates.

BOSTON, July 19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE: FUR) ("Winthrop") announced today that its venture which owns 701 Seventh Avenue (a/k/a 20 Times Square) in Times Square area of Manhattan, New York has entered into a lease with The Hershey Company for retail space of BOSTON, July 11, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust ("Winthrop") (NYSE: FUR), announced that it will release its second quarter 2016 results on Thursday, July 28, 2016 prior to the market open.

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The BOSTON, April 30, 2018 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the "Trust") announced today the sale of 701 Seventh Avenue property (a/k/a 20 Times Square) in the Times Square area of Manhattan, New York for a gross sales price of $1.53 billion.

Whether a trust is considered an ordinary trust or a business trust depends on (1) whether the terms of the written trust instrument grants the trustee broad powers to engage in a business with the trust property and (2) whether the trust also has associates. The tax regulations define a liquidating trust as one created for the primary purpose of "liquidating and distributing its assets" (Treas. So viewed, a liquidating trust is not a business trust because it possesses only a liquidation objective (protect and conserve) rather than a broader business objective. While several pre-check-the-box private letter tax rulings considered the status of liquidating trusts, no noticeable post-1997 rulings have been released.

This is true regardless of whether the business purpose powers are necessary for a particular trust and regardless of whether the trustee actually exercises those powers. However, if the existence of the trust is unreasonably prolonged or if the liquidation purpose becomes sufficiently obscured or abandoned by business activities, the trust will "become" a business trust. No doubt this is attributable to the fact that after that date, a failed liquidating trust will merely be treated as an unincorporated business entity and thus as a partnership (two or more beneficiaries) or disregarded entity (grantor trust status if single beneficiary).

Applying standards first articulated in Morrissey v. Trusts possessing less than three of these criteria were taxable as partnerships.

.53 billion.Whether a trust is considered an ordinary trust or a business trust depends on (1) whether the terms of the written trust instrument grants the trustee broad powers to engage in a business with the trust property and (2) whether the trust also has associates. The tax regulations define a liquidating trust as one created for the primary purpose of "liquidating and distributing its assets" (Treas. So viewed, a liquidating trust is not a business trust because it possesses only a liquidation objective (protect and conserve) rather than a broader business objective. While several pre-check-the-box private letter tax rulings considered the status of liquidating trusts, no noticeable post-1997 rulings have been released.This is true regardless of whether the business purpose powers are necessary for a particular trust and regardless of whether the trustee actually exercises those powers. However, if the existence of the trust is unreasonably prolonged or if the liquidation purpose becomes sufficiently obscured or abandoned by business activities, the trust will "become" a business trust. No doubt this is attributable to the fact that after that date, a failed liquidating trust will merely be treated as an unincorporated business entity and thus as a partnership (two or more beneficiaries) or disregarded entity (grantor trust status if single beneficiary).Applying standards first articulated in Morrissey v. Trusts possessing less than three of these criteria were taxable as partnerships.Notably, the ordinary legal characteristics of a trust dictated that most business trusts were taxable as corporations. and Wyman Building Trust, it may be prudent (when ordinary trust status is desired) for the trust instrument to expressly provide that the trustee: Even a trust with a demonstrated business purpose will not be classified as a business trust unless it also has associates.BOSTON, July 19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE: FUR) ("Winthrop") announced today that its venture which owns 701 Seventh Avenue (a/k/a 20 Times Square) in Times Square area of Manhattan, New York has entered into a lease with The Hershey Company for retail space of BOSTON, July 11, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust ("Winthrop") (NYSE: FUR), announced that it will release its second quarter 2016 results on Thursday, July 28, 2016 prior to the market open.

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