Qualified Subchapter S Trust Clause Samples

Qualified Subchapter S Trust. If the Trustee of any trust described above does not make an election to be treated as an ESBT, the Trustee shall be deemed to have allocated the S corporation stock to a separate qualified subchapter S trust (“QSST”) for the benefit of each then beneficiary of such trust in order that, after such allocation, the only assets of such separate trust shall be S corporation stock and, notwithstanding any other provisions of this Agreement to the contrary, the provisions of Code Section 1361(d)(3) shall apply.