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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (266734)11/11/2003 12:59:42 PM
From: ild  Read Replies (1) of 436258
 
JPM on a new coming Equity Gold Trust:

Under current U.S. tax law, the new Equity Gold Trust will be classified as a grantor trust. Consequently, the trust will not pay U.S. tax; instead its income and expenses will flow through to the shareholders.
Gains from sales of the shares in the trust will be classified as being from the sale of collectables and will qualify for a higher 28% long-term tax rate versus the ruling 15% for other long-term gains. This complication seems set to flow into ownership in tax-qualified accounts. Under regulation 408(m), buying a collectable in a tax-qualified account is considered to be a taxable distribution of funds from the account to the beneficial holder. This suggests that special attention should be paid to the tax consequences of this investment, which we think will likely generate other products more suited to certain investors.
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