North Carolina General Statutes Chapter 89B. Foresters § 89B-4. Compensation and expenses of Board members
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(a) In general.--Except as provided in regulations, in the case of any transfer of property by a United States person to a foreign estate or trust, for purposes of this subtitle, such transfer shall be treated as a sale or exchange for an amount equal to the fair market value of the property transferred, and the transferor shall recognize as gain the excess of--
(1) the fair market value of the property so transferred, over
(2) the adjusted basis (for purposes of determining gain) of such property in the hands of the transferor.
(b) Exception.--Subsection (a) shall not apply to a transfer to a trust by a United States person to the extent that any person is treated as the owner of such trust under section 671.
(c) Treatment of trusts which become foreign trusts.--If a trust which is not a foreign trust becomes a foreign trust, such trust shall be treated for purposes of this section as having transferred, immediately before becoming a foreign trust, all of its assets to a foreign trust.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 89B. Foresters § 89B-4. Compensation and expenses of Board members - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-89b-foresters/nc-gen-st-sect-89b-4.html
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