Revenue Regulation 2023 - Law Offices of Ann Margaret Carrozza
Revenue Regulation 2023 Avoid Letting Excessive Tax Planning Lead to Additional Taxes! My phone hasn't stopped ringing—if you could ask someone older than fifty to translate. In response to the most recent IRS Revenue Ruling 2023-2, there have been calls and emails. According to the decision, assets placed into an irreversible trust would pass to the next owner on a "carryover basis" rather than a "stepped up" or Fair Market Value cost basis as they are not included in the taxpayer's estate upon death. Put otherwise, the trust beneficiary receives assets from this trust with a significant latent tax impact. Understandably, many irrevocable trust holders get extremely alarmed at the thought of subjecting their loved ones to capital gains taxes. Who is this recent verdict concerning? Only those with the incorrect choice of trust! Here are some guidelines to assist you in calculating your tax liability. A person whose estate assets are va...