January 20, 2016, No. 2016-03. Finance released draft legislation that provides welcome relief for trusts and estates affected by the "graduated rate estate" rules. The draft legislation, released on January 15, 2016, includes greater flexibility for a deceased’s estate to claim charitable donations and restores the tax treatment of deemed capital gains for a life interest trust back to the tax rules that existed before January 1, 2016. The deadline to provide comments on the draft legislation is February 15, 2016
Specifically, the draft legislation proposes to:
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