In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.
In previous comments to the IRS last fall, the American Bankers Association highlighted the need to allow certain types of trusts — including charitable remainder trusts and common trust funds — to take advantage of the deduction. ABA is currently reviewing the proposal to determine whether further comments are warranted. Comments will be due 60 days after publication in the Federal Register.
