May 1, 2023 – Principal and Managing Director, Frank Corrado was featured in Financial Advisor Magazine to discuss ‘IRS Rules Against A Tax Tactic For Irrevocable Grantor Trusts.’ “‘Revenue Rulings are not binding on any federal court, including the Tax Court, as they represent arguments of one party,’ said Corrado. Nevertheless, tax-sensitive clients might explore philanthropic strategies to minimize estate and income taxes. Clients can also consider paying the capital gains tax on the tax return as if the assets did not receive an adjustment in basis. “They then file an amended tax return requesting a refund based on the assets receiving a step-up basis and providing full disclosure that this position was taken,” Corrado said. “If the step-up is denied, the taxpayer would not have made a substantial underpayment on the original return.” Read the full piece here: https://bit.ly/42cRKjK
