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Estate Question
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PaKettle
Posted 2/27/2021 17:21 (#8862058)
Subject: Estate Question



Lenawee Co Michigan
Try this scenario - Farmer dies, everything is left in a trust to an individual. Grain at the elevator is sold by the trust to pay bills. The estate is under the death tax amount so no estate taxes.

There's 50 acres of woods with mature trees ready to harvest.

If the trust orders this tract cut, is there any income taxes paid on the lumber proceeds? The proceeds would go to the heir of course, but it is part of the estate so the trust doesn't really change in value, same as grain sales at the elevator. The grain was already of value in the bins like the trees are in the woods.

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