New IRS Guidance for Irrevocable Grantor Trusts

United States: IRS guidance on irrevocable trusts – what does it ...

Revenue Ruling 2023-2 ("Ruling") describes a US citizen settlor who settled an irrevocable trust and was treated as the owner of the trust for ...

memorandum - IRS

What are the gift tax consequences to the beneficiaries when the trustee of an irrevocable trust, with respect to which the grantor is ...

Irrevocable Trust Modifications after CCA 202352018

This article begins with background on Chief Counsel Advice memoranda and grantor trusts. The article then evaluates the IRS's argument in the CCA Memo.

No basis step-up for grantor trust assets if not in grantor's estate

... 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 ...

Did the IRS change the rules to take away a basis step up for assets ...

-up for assets held in an irrevocable trust. To clear the air, the IRS ... " "Income taxation: This Trust shall be a grantor trust under 671 if ...

IRS confirms that completed gifts to grantor trusts are not eligible for ...

Per the Internal Revenue Service, completed gifts to an irrevocable grantor trust will not receive a basis step-up upon the death of the grantor.

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable ...

For irrevocable or completed gift grantor trusts, and in light of recent IRS guidance, taxpayers must reevaluate their income tax planning and ...

New IRS Guidance for Irrevocable Grantor Trusts | CLE/CPE Webinar

This CLE/CPE webinar will discuss recent IRS guidance for basis adjustments for irrevocable grantor trusts and other basis issues ...

IRS ISSUES CONSEQUENTIAL RULING ON TRUST MODIFICATIONS

As background, under Sections 671 through 679 of the Code, the grantor of an irrevocable trust will still be treated as if he or she owns the ...

IRS Rules No Stepped Up Basis for Assets in an Irrevocable Grantor ...

The IRS rules there is no stepped-up basis for assets of an irrevocable grantor trust which are not included in grantor's gross estate.

2023 Instructions for Form 1041 and Schedules A, B, G, J, and K-1

See Grantor Type Trusts, later, under Special Reporting Instructions. A trust or decedent's estate figures its gross income in much the same manner as an ...

New IRS Guidance Confirms No Stepped-Up Basis for Certain ...

New IRS guidance confirms no step up in basis for grantor trust assets that are not included in the decedent's estate. Rev. Rul.

IRS Guidance On Irrevocable Trusts May Force Re-think – Law Firm

“Making a completed gift to an irrevocable trust while retaining limited powers that would cause the trust to be treated as a grantor trust but ...

Abusive trust tax evasion schemes - Facts (Section II) - IRS

If the trust is classified as a Domestic Grantor Trust, it is not generally required to file a Form 1041, provided that the individual taxpayer ...

IRS ruling on intentionally defective grantor trusts | Crowe LLP

Establishing an IDGT requires the grantor to settle an irrevocable trust in which the grantor retains certain powers that cause the trust to be ...

Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2023)

When e-filing Form 1041, use either Form 8453-FE, U.S. Estate or Trust Declaration for an IRS e-file Return, or Form 8879-F, IRS e-file Signature Authorization ...

RR-2023-02: Basis adjustment does not apply to assets of ...

Section 1014 of the Internal Revenue Code does not apply to “step-up” the basis of assets gifted to an irrevocable grantor trust by completed ...

Grantor Trusts: Tax Returns, Reporting Requirements and Options

Typically, these trusts are irrevocable trusts, and the Internal Revenue Code tell us that the income and items of deduction and credit are ...

Bulletin No. 2023–16 April 17, 2023 HIGHLIGHTS OF THIS ISSUE

of an irrevocable grantor trust not included in the deceased ... new guidance provide notice of requests for modifications to the Taxable ...

Charitable remainder trusts | Internal Revenue Service

Charitable remainder trusts are irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period.