By Michael Rosen-Prinz* and Francisco Garcia, Jr.**
This article summarizes selected developments in federal and state taxation law since the last Quarterly that may be of interest to trust and estate attorneys. "Code" refers to the Internal Revenue Code of 1986, as amended. "Tres. Reg." refers to any Treasury Regulation. "IRS" refers to the Internal Revenue Service.
I. FEDERAL ADMINISTRATIVE & LEGISLATIVE ACTIVITIES
A. Proposed Regulations – Requirements for foreign persons and foreign owned partnerships to benefit from qualified opportunity zones.