IRS Rulings on Reallocation of Assets

On July 8th the IRS issued the following ruling.

Number 201628008, Summary: The IRS ruled that the reallocation of assets and liabilities between trusts and the transfer of assets to a limited liability company under a settlement agreement will not subject the trusts to generation-skipping transfer tax, will not result in a gift, and will not constitute a taxable sale, exchange, or disposition of an asset.


Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal