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| We have a client who's estate attorney set up an IDGT which will own an LLC with a promissory note provision. The LLC will be funded with a commercial ppty and 2 residences as well as a non marketable private placement investment now worth only what he put in originally. There has already been an initial 3rd party appraisal of the properties. Question: DOES THE TRUSTEE ON THIS TRUST HAVE TO PERFORM ANNUAL EVALUATIONS OF THE VALUE OF THE LLC FOR FILING OF THE K-1's?? We are of the belief that the corporate trustee is required by the OCC to do so annually..........is this accurate?
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Power Member
Group: Forum Members
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I don't know of a reason for an annual valuation of the LLC. You see them reappraised every other year when you are making gifts - a December valuation used for gifts in the current year and subsequent year - but I'm not sure why an annual valuation would be needed under the facts that you provided.
Mary Kay Foss
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