The Internal Revenue Service has confirmed that the assets of a trust that is a grantor trust for federal income tax purposes do not get a new income tax basis at the death of the grantor merely because the trust is a grantor trust, but will get a new basis if the grantor has a power over the trust that causes the trust assets to be included in the grantor’s gross estate for federal estate tax purposes. Rev. Rul. 2023-2, 2023-16 I.R.B. 658 (4/17/2023).