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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).
The applicable legal standard distinguishing an ordinary trust from a business trust has remained relatively static (albeit vague) since the ancient origins of our federal tax system.
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.
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.