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Nonprofessional fiduciaries serve as executors or administrators in isolated instances, and then only as personal representatives for the estate of deceased friends or relatives. Generally, they are not engaged in a trade or business, unless all of the following conditions are met:
There is a trade or business among the assets of the estate;
The fiduciary actively participates in the operation of this trade or business; and
The fees of the fiduciary are related to the operation of the trade or business.
Activities of a nonprofessional fiduciary of a single estate may be a trade or business if they are of sufficient scope and duration. This may occur when the executor manages an unusually large estate that requires extensive management activities over a long period.
Last Revised: March, 2001
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