No basis step-up for grantor trust assets if not in grantor’s estate
Category:UncategorizedIn a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
Source: Tax News
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