Downs Law Firm, P.C.

Step-Up Basis

Trust Step-Up Basis

Completed Gifts to Grantor Trust Step-Up Basis

On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, qualified personal residence trusts, insurance trusts and other intentionally defective ‘grantor trusts.’

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