{"id":9839,"date":"2023-07-09T16:09:45","date_gmt":"2023-07-09T20:09:45","guid":{"rendered":"https:\/\/resources.evans-legal.com\/?p=9839"},"modified":"2023-07-09T16:09:46","modified_gmt":"2023-07-09T20:09:46","slug":"grantor-trust-assets-do-not-get-new-basis-at-death-of-grantor","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=9839","title":{"rendered":"Grantor Trust Assets Do Not Get New Basis at Death of Grantor"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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&#8217;s gross estate for federal estate tax purposes.  <a rel=\"noreferrer noopener\" href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rr-23-02.pdf\" target=\"_blank\">Rev. Rul. 2023-2<\/a>, <a rel=\"noreferrer noopener\" href=\"https:\/\/www.irs.gov\/pub\/irs-irbs\/irb23-16.pdf\" data-type=\"URL\" data-id=\"https:\/\/www.irs.gov\/pub\/irs-irbs\/irb23-16.pdf\" target=\"_blank\">2023-16 I.R.B. 658<\/a> (4\/17\/2023).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=9839\">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],"tags":[440,327,595],"class_list":["post-9839","post","type-post","status-publish","format-standard","hentry","category-news-items","tag-basis","tag-federal-estate-tax","tag-grantor-trust","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9839","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=9839"}],"version-history":[{"count":3,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9839\/revisions"}],"predecessor-version":[{"id":9842,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9839\/revisions\/9842"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}