{"id":9686,"date":"2023-03-31T16:51:11","date_gmt":"2023-03-31T20:51:11","guid":{"rendered":"https:\/\/resources.evans-legal.com\/?p=9686"},"modified":"2023-03-31T16:51:13","modified_gmt":"2023-03-31T20:51:13","slug":"no-new-basis-for-assets-held-in-grantor-trust","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=9686","title":{"rendered":"No New Basis for Assets Held in Grantor Trust"},"content":{"rendered":"\n<p>In <a rel=\"noreferrer noopener\" href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rr-23-02.pdf\" target=\"_blank\">Rev. Rul. 2023-2<\/a>, ___ I.R.B. ___, the Internal Revenue Service has held that assets held in an irrevocable trust that was a grantor trust do not receive a new basis under I.R.C. \u00a7 1014 on the death of the grantor if the assets are not included in the grantor&#8217;s gross estate for federal estate tax purposes.<\/p>\n\n\n\n<p>[For a brief explanation of grantor trusts, see &#8220;<a href=\"https:\/\/resources.evans-legal.com\/?p=6108\">Overview: Benefits\/Costs of Grantor Trusts<\/a>.&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Rev. Rul. 2023-2, ___ I.R.B. ___, the Internal Revenue Service has held that assets held in an irrevocable trust that was a grantor trust do not receive a new basis under I.R.C. \u00a7 1014 on the death of the &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=9686\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[29,321],"tags":[440,327,359,595],"class_list":["post-9686","post","type-post","status-publish","format-standard","hentry","category-news-items","category-rulings","tag-basis","tag-federal-estate-tax","tag-federal-income-tax","tag-grantor-trust","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9686"}],"version-history":[{"count":2,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9686\/revisions"}],"predecessor-version":[{"id":9688,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9686\/revisions\/9688"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}