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Morrison & Foerster LLP: Issuing a Trust’s Promissory Note to Defer Payment of a Unitrust Amount Should Not Cause the Trust to Recognize Gain or Loss

By Danielle T. Zaragoza, Esq ., Morrison & Foerster LLP The basic concept of a unitrust is that a fixed percentage of the fair market value of a trust's assets, redetermined each year, is paid out to the "income" beneficiary, regardless of the availability of income to fund the payment...