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However, the beneficiaries of such a trust may be the persons who create it and it will be recognized as a trust under the Internal Revenue Code if it was created for the purpose of protecting or conserving the trust property for beneficiaries who stand in the same relation to the trust as they would if the trust had been created by others for them.Generally speaking, an arrangement will be treated as a trust under the Internal Revenue Code if it can be shown that the purpose of the arrangement is to vest in trustees responsibility for the protection and conservation of property for beneficiaries who cannot share in the discharge of this responsibility and, therefore, are not associates in a joint enterprise for the conduct of business for profit.There are other arrangements which are known as trusts because the legal title to property is conveyed to trustees for the benefit of beneficiaries, but which are not classified as trusts for purposes of the Internal Revenue Code because they are not simply arrangements to protect or conserve the property for the beneficiaries.These trusts, which are often known as business or commercial trusts, generally are created by the beneficiaries simply as a device to carry on a profit-making business which normally would have been carried on through business organizations that are classified as corporations or partnerships under the Internal Revenue Code. An investment trust with a single class of ownership interests, representing undivided beneficial interests in the assets of the trust, will be classified as a trust if there is no power under the trust agreement to vary the investment of the certificate holders.However, the consequence of business trust status was radically altered in 1997. Prior to the 1997 release of the watershed check-the-box regulations, the 1960 "Kintner" federal tax regulations generally incorporated ancient case law to classify trusts.In that year, the blockbuster "check-the-box" federal tax regulations mercifully mitigated the stakes of a trust being considered a business trust (the regulations were so designated because they allowed lawyers to choose tax classification simply by in effect checking the box relating to the most desired tax classification. Ordinary trusts were classified and taxed like trusts.

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The trustee holds legal title to the mortgages in the pool for the benefit of the certificate holders but has no power to reinvest proceeds attributable to the mortgages in the pool or to vary investments in the pool in any other manner. Holders of class A certificates are entitled to all payments of mortgage principal, both scheduled and prepaid, until their certificates are retired; holders of class B certificates receive payments of principal only after all class A certificates have been retired.

Generally speaking, many lending institutions allow you to borrow between 50% to 90% of your eligible investments, depending upon the collateral and type of credit you have.

The interest rate charged is extremely competitive compared to other lending alternatives given the easily understood value of the collateral.

This generally means trust income is taxed to the beneficiaries when trust income is actually distributed.

When trust income is accumulated for later distribution, it is "temporarily" taxed to the trust itself and then later to beneficiaries who receive distributions and a form of tax credit for the tax paid earlier by the trust.