The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. My friend and colleague Steve Harnett, an estate planning expert, discusses this imporatant topic. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes.
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