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  • What should the IRS care if the money was obtained as the value of a novelty gift or as a payout from an income-generating trust as long as it gets its pound of flesh?The bone of contention is that if the income is reportable on Form 1040 without the need for a reporting vehicle such as a K-1 or otherwise, and the trust has no reporting burden as it distributed all income as instructed, then why b
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