@kirtanwalla , agreeing with @NCperson , I just wonder about the kind of assets that were in the trust because , assuming that this trust was a revocable trust and that the Estate had a pour-over clause, how do you end up with a capital loss. I say this because generally step-up basis of all assets owned by the decedent kind of reduces the chances of any capital loss. So are you saying that this loss is post adjustment of basis or what?
Suggest very strongly that you seek professional tax advice and legal advice on the operation/execution of trustee duties.
What state was the trust set-up in ?
Namaste ji
