Except for a statutory trust, a trust is not a LEC because it doesn't meet the definition of an LEC (31 CFR 1010.230(e)(1)).
If a trust owns 25% or more of an LEC, the trustee (or a trustee if there is more than one) is identified as the owner (not the control person) (31 CFR 1010.230(d)(3)).
The control person of the LEC is an executive of the LEC (president, etc.), not necessarily an owner (31 CFR 1010.230(d)(2))
There may be cases, especially in smaller LECs, where an owner is also the individual identified as the control or management individual. And in some of those cases, a trustee identified as an owner (because a trust is a 25% owner) may also be the control or management individual.
Last edited by John Burnett; 08/04/21 05:26 PM. Reason: Added inf
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