56 Form 2017-2024

56 2024 Form: What You Should Know

See IRS Publication 3, IRS Guide for Establishing Exemption to the Federal Estate Tax for further details. Section 56.7.2 — Fiduciary Relationship. An employee or independent contractor is not a fiduciary if the employee or independent contractor: (D) The employee or independent contractor is disqualified for a reason that is not covered under any of the exemptions included in sections 1a and 1 b of the Internal Revenue Code, section 6501, or section 7702(2) of the Internal Revenue Code, as amended, (E) The property that is being acquired or disposed of is a gift, (F) The employee or independent contractor has a financial interest; and (G) An employee or independent contractor in an unincorporated association meets the definition of a taxpayer under section 6501(b) of the Internal Revenue Code, as amended, if the employee or independent contractor does not possess any assets of the association that meet the definition of the term “tangible property.” (1) “Assets of the employee or independent contractor” are this property that qualify as “property used in a trade, business, profession, or occupation with a gainful or productive use” for the purposes of section 6501(a) of the Internal Revenue Code, as amended, and for purposes of section 7702(c) of the Internal Revenue Code, as amended. These exclude tangible property, including, but not limited to, automobiles, personal property, movable property stored in a safe, personal property that is not subject to excise tax under section 4331(a), and movable property other than personal property that is not subject to excise tax under section 4331(b). (2) “Value” means the gross sales price, which means the total amount of compensation and all other compensation amounts paid for services as a salesperson or independent contractor, in consideration for the trade, business, profession, or occupation in which the services are performed. It does not include any of the following items: (A) Expenses and profits. (B) Taxes of a personal nature, such as property tax.

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