In a 2002 article,1 we examined at length the income-tax effects of the termination of a grantor trust by reason of the death of the grantor in the context of an installment sale.2 Acknowledging then that the law was unsettled, we considered the plausibility of various approaches. Still, we reached firm conclusions about two critical issues: first, that gain is not recognized at the time of the grantor's death; and second, that the income in respect of a decedent (IRD)
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