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Tax Law Roundup current law developments in U.S. taxation

Category Archives: trusts and estates

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New Basis Reporting Requirements for Executors and Beneficiaries

Posted in Estate and Gift, Tax, trusts and estates

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death.  New reporting requirements will apply to estates required to file a federal estate tax return after July 31, 2015 and are effective beginning June 30, 2016. Executors and beneficiaries who do… Continue Reading

Tax Court Decision Will Help Trusts Avoid Passive Loss Limitations and New 3.8% Tax

Posted in General, Passthrough Entity, trusts and estates

In a highly watched case of The Frank Aragona Trust v. Comm’r., the Tax Court held that it was possible for a trust to qualify for the coveted title of “real estate professional” under the Section 469 passive loss rules.  This result greatly expands the ability of trusts to avoid the passive loss deduction limitations… Continue Reading

IRS Provides Limited Extension for Type III Supporting Organization Transition Rules

Posted in General, Tax Exempt, trusts and estates

Certain charities, known as supporting organizations (SOs), receive favored “public charity” tax exempt status by supporting other public charities or governmental organizations.  In December 2012, the Treasury Department released final and temporary regulations for so-called Type III SOs, including stricter rules for qualifying as a Type III SO, and for avoiding the unfavorable “non-functionally integrated” status. … Continue Reading