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Income Redefined for CRTs, PIFs, Other Trusts: Proposed Regulations

IRC Sec.643(b)'s definition of income would be revised to take into account changes in how a state's laws define trust accounting income. Potentially affected are charitable remainder trusts, pooled income funds, trusts that qualify for gift and estate tax marital deductions, trusts exempt from generation-skipping transfer taxes and other trusts. The proposed regs also specify when capital gains are included in distributable net income. A hearing is scheduled for June 8 and comments are due by May 18.