The 3-zig IRS lost! Zhang Rongfa's "total amount of inheritance" was unexpectedly exposed! Whether trust property belongs to inheritance? Lawyer Li Yusheng explains

The 3-zig IRS lost! Zhang Rongfa's "total amount of inheritance" was unexpectedly exposed! Whether trust property belongs to inheritance? Lawyer Li Yusheng explains / 1TV News, Times News

One TV News:https://www.nexttv.com.tw/NextTV/News/Home/Finance/2023-01-13/1029385.html

The late Evergreen Group founder Zhang Rongfa used to be included in Taiwan's rich list. His total estate has now been unexpectedly exposed. Zhang Guozheng, the third son of the eldest son, believed that the IRS had made an error in calculating his father's overseas inheritance. He filed an administrative lawsuit and claimed a tax deduction of 98.53 million yuan. The court rejected it. The judgment mentioned that Zhang Rongfa left 24.7 billion yuan to his seven heirs.

Are trust properties part of an estate? Legal issues explained

Lawyer Li Yusheng said that the so-called overseas trust rights and interests are to sign a trust contract overseas and trust overseas properties.
As for the trust property, assuming it has not been distributed to the beneficiaries in accordance with the trust deed, the Internal Revenue Service may still determine that the property is the inheritance of the decedent based on the principle of substantive taxation. If the heirs or others have any objections to this part, they need to provide relevant information to support it.
Since Zhang Guowei is the beneficiary of the trust and a related person in the trust contract, when the facts are unclear, the court asks him to provide relevant information, and in the end it is the judge who makes the determination. In this case, the IRS believed that Zhang Rongfa had transferred a large amount of property abroad, so it recognized the inheritance. If the heirs could not provide relevant evidence and believed that it had been distributed according to the trust deed, etc., then the IRS's determination would be considered reasonable by the court.

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