grit

(redirected from Grantor Retained Income Trust)
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Related to Grantor Retained Income Trust: IDGT
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Synonyms for grit

Synonyms for grit

a hard coarse-grained siliceous sandstone

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fortitude and determination

cover with a grit

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clench together

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References in periodicals archive ?
These safe harbors immunized an employment agreement up to 3 years for the transferor; loans by the transferor up to 15 years (30 years for a real estate loan); certain working capital loans and loans to a start-up business or farm; and common stock transferred into a grantor retained income trust (GRIT) that satisfied the qualified trust income interest rules.
The next technique involving the use of the "trust freeze" was the GRIT, or grantor retained income trust.
Internal Revenue Code Chapter 14's special valuation rules for transfer tax purposes introduce a grantor retained annuity trust (GRAT) and unitrust (GRUT) to replace the prior law's grantor retained income trust (GRIT).
A grantor retained income trust (GRIT) is an irrevocable trust into which the grantor places cash or other assets.
Thus, a family business owner previously was able to transfer S stock into a grantor retained income trust (GRIT) and retain the income from the S stock for 10 years and make a gift valued at only 39% of the stock's value.