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8 PROBATE & PROPERTY MARCH/APRIL 2008 The common use of trusts in estate and asset protection planning makes a seemingly esoteric issue of the application of the passive loss rules to trusts, which was examined in a recent TAM, more important than many might realize. Determining when losses generated by trust assets can be deducted, or whether the deduction will be deferred under the passive loss limitattio rules of Code § 469, can have a significant tax effect on trusts and their beneficiaries...

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