qualified subchapter S trust

A trust that meets the qualifications to be a shareholder of S corporation stock, namely (i) there is only one income beneficiary of the trust and he or she is a U.S. citizen or resident, (ii) all income of the trust is required to be distributed currently to the one income beneficiary, (iii) all corpus distributions can only be paid to the one beneficiary, (iv) the beneficiary's income interest must terminate at the earlier of the beneficiary's death or trust's termination, and (v) the trust must elect to be treated as an eligible S corporation.