Trusts' Material Participation: Useful Guidance From ABA
Law360, New York (May 20, 2015, 6:13 PM EDT) -- Since inception of the Treasury regulations issued under Internal Revenue Code Section 469, Section 1.469-8 regarding the material participation of trusts has been reserved, offering no official guidance on if, when or how a trust would materially participate in a trade or business sufficient to categorize the trust's income as active. With only two cases of note on this issue, several inconsistent technical advice memoranda, and increased focus on the material participation test as a result of the adoption of the net investment income (NII) tax under Internal Revenue Code Section 1411, the American Bar Association Tax Section issued a report...
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