Footnote 102 to the Blue Book

Brent chats about footnote 102 to the Joint Committee on Taxation’s Blue Book explanations of OBBBA. He explains how the JCT applies the 2/37 limitation on itemized deductions to the income distribution deduction for nongrantor trusts and estate, what that could mean, and what is still unknown.

This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates.

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