In December 2003, the Internal Revenue Service issued new regulations governing the definition of trust income for federal tax purposes. These regulations create significant planning opportunities as well as some potential pitfalls. There are times when it is advantageous for a trust to have a considerable amount of income, as with a qualified domestic trust (QDOT). Other times, it's preferable for a trust to have very little income, as with a qualified sub-chapter S trust (QSST). The regulat
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