Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...
June 21, 2023 - 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, ...
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