The Effect of IRS Revenue Ruling 2023-2: The End of Step-Up in Basis for Irrevocable Trusts
By Herman S. Chatrath Download this article. In March 2023, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2023-2, definitively stating that assets in irrevocable grantor trusts do not receive a step-up in basis (i.e., an adjustment of the value of an...