Advertisement
TOPICS / TAX

IRS is time-barred from assessing gift tax

The Tax Court holds the taxpayer substantially complied with adequate-disclosure requirements via returns and documents submitted with an OVDP offer.

No basis step-up for grantor trust assets if not in grantor’s estate

In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.

FROM THIS MONTH'S ISSUE

Building a better CPA firm: Stepping up service offerings

A key step in business model modernization is determining how to implement services that satisfy clients and employees.