Recission: Considerations and Applications for Planning in 2021

There have been several techniques that have been discussed for practitioners to consider employing when planning for uncertainty in changes to tax laws, such as including a disclaimer in trust documents using formula clauses in assignment and transfer documentation, etc. Recission is an additional technique that practitioners might consider including in their toolkit to employ when trying to plan for the level of uncertainty that has to be dealt with. Recission may offer a means to unwind a transaction in the current tax year and thereby avoid a possible income tax consequences to a transfer.

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Date: September 27, 2021.