Federal Income Taxation of Decedents, Estates and Trusts (2020) (U.S.)

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FITDET-2562

It presents the fundamental rules for preparing a decedent's final income tax return and highlights the income tax rules for the decedent's estate and related trusts.

Author: David A. Berek

At the death of the decedent, a separate taxable entity, the decedent's estate, is created. A fiduciary is appointed to take over administration of the decedent's estate. The representative gathers the assets, files the decedent's final income tax return, satisfies tax liabilities, oversees creation and funding of any testamentary trusts, which become separate taxpaying entities. The estate is liable for the tax on the income received during the period of its administration and the fiduciary oversees preparation of all tax forms required including the final income tax return and any estate and gift tax returns that are due.

Provides concise, plain-English coverage of these issues and more. It presents the fundamental rules for preparing a decedent's final income tax return and highlights the income tax rules for the decedent's estate and related trusts. Also covered are the special rules regarding the taxation of grantor trusts and bankruptcy estates. Fiduciary duties, including liability for filing a return and paying any taxes due on behalf of the estate or trust, are also thoroughly discussed. Examples illustrating these rules are provided throughout

Among the subjects covered in this quick answer reference are:

-        Application of the 3.8% net investment income tax to trusts and estates

-        Decedent's final income tax return including pre- and post-mortem planning elections

-        Treatment of partnership items for a deceased partner

-        Fiduciary income tax return fundamentals

-        Trust accounting income and distributable net income

-        Beneficiary's tax liability

-        Grantor Trust rules

-        Split interest trusts: CRTs and CLTs

-        S corporations and trusts; QSST and ESBT rules

-        Taxation of foreign trusts

-        State Fiduciary income Taxation of trusts

-        Fiduciary duties and liabilities

Table of content

Chapter 1        Introduction

Chapter 2        Decedent's Final Income Tax Return

Chapter 3        Fundamentals of Decedent's Final Return

Chapter 4        Income and Deductions Reported on a Decedent's Final Return

Chapter 5        Fiduciary Income Tax Return

Chapter 6        Fiduciary Income Tax Return Fundamentals

Chapter 7        Trust Accounting Income and Distributable Net Income

Chapter 8        Beneficiary's Tax Liability

Chapter 9        Grantor Trusts

Chapter 10      Death of a Partnership Member

Chapter 11      Charitable Deduction and Split Interest Trusts; CRTs and CLTs

Chapter 12      S Corporation and Fiduciary Income Tax

Chapter 13      Foreign Trusts

Chapter 14      Fiduciary Duties and Liabilities

Chapter 15      State Fiduciary Income Taxation of Trusts

Oct 19, 2019        240 Pages      9780808052562

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ISBN9780808052562