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Nov. 3 — An IRS regulation project on material participation for trusts and estates that might finally define the term isn't likely to go so far as to say that a trust can never actively participate in a business for the purpose of the net investment income tax, agency attorney Adrienne Mikolashek said.
While the Internal Revenue Service is actively looking at the comments it has received on the subject, said that with the scope of the current project, “I don't know if it's even going to address that issue.”
Further Mikolashek told accountants gathered for the Nov. 3 American Institute of CPAs National Tax Conference she wasn't sure it would be legal to make such a determination. Mikolashek is an attorney in the IRS Passthroughs and Special Industries division of the Office of Chief Counsel.
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