Joint Committee on Taxation Description of President Trump’s FY 2020 Budget Recommendations, including Proposal to Make Permanent Individual Tax Provisions, Including Estate & Gift Tax Provisions

The Joint Committee on Taxation has made available it's description of revenue provisions in President Trump's FY 2020 Budget Proposal. These include the proposal to make permanent the individual tax provisions that sunset for tax years beginning on or after January 1, 2026, including the estate and gift tax provisions, among others. To see the … Continue reading Joint Committee on Taxation Description of President Trump’s FY 2020 Budget Recommendations, including Proposal to Make Permanent Individual Tax Provisions, Including Estate & Gift Tax Provisions

PLR 201927009: Estate allowed to transfer, via trustee-to-trustee transfers, amounts from one IRA to two inherited IRAs to separate the interests of two children.

In PLR 201927009, the IRS ruled that an estate could transfer, via trustee-to-trustee transfers, amounts from one IRA to two inherited IRAs to separate the interests of two children. The IRS ruled that such transfers do not result in distributions under Code Sec. 408(d)(1)such transfers do not result in rollovers under Code Sec. 408(d)(3)the inherited … Continue reading PLR 201927009: Estate allowed to transfer, via trustee-to-trustee transfers, amounts from one IRA to two inherited IRAs to separate the interests of two children.