For a Living Trust that has progressed from Revocable Trust to Administrative Trust to / and while in Family Trust state and incurs a NOL due to legal costs, does the IRS carry back / forward rule apply? Subsequently can any remaining NOL be distributed to the funded sub trusts when the Trust is ready to close?
1 Answer from Attorneys
Suggest you talk to an attorney who handles Federal/VA taxation matters. Information will need to be assembled and carefully reviewed for a proper analysis. An experienced
tax attorney in VA should be able to handle this type of matter and to protect the interests of the client. Please note that, in accordance with the VA Code of Professional Responsibility for Attorneys, a signed engagement letter is necessary in order to engage my legal services. If I can be of any help to you or people you know, contact me as I would be pleased to provide tax/legal support.
Sincerely,
Robert Beatson II, 6-14-2014, 9:05 a.m. EST
Law Offices of Robert Beatson II, 9818 Glynshire Way, Potomac, MD 20854
Email: [email protected]
Website: www.beatsonlaw.com
Practice areas: Tax, business law, computer/high tech/biotech law, intellectual property, trusts/estates/wills, real estate, litigation, mediation.
Licensed to practice law in: DC, MD, VA, and NY.
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