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Old 06-25-2014, 02:41 PM
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Grantor Trust - transfer of property out

First of all, I am not very well versed with trusts in general. I will do my best to give the details of the situation at hand, but please feel free to ask for more information if I do not supply enough.

There is a grantor trust set up with two beneficiaries. One of the beneficiaries and a third party had 50/50 ownership in a building. The third party passed away and the trust purchased the deceased's interest in the building. The beneficiary with the other half of the interest now wants to sell the building on an installment plan. I need to know the tax treatment of the building when it is transferred/distributed to the beneficiary with the other half of the interest. Does he have to claim income from the sale based on FMV or the original basis when purchased by the trust? Also, would there be any other taxes on the distribution?



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