Federal Income Taxation of Estates, Trusts & Beneficiaries (2020) (U.S.)

Authors: M. Carr Ferguson, Mark L. Ascher

Over the last half-century or so, taxation of fiduciary income
has become increasingly complex. While many fiduciaries
and professionals share responsibility for wealth planning or
reporting the income taxes relating to transmission of wealth,
there is little published to guide them through the maze of
choices and problems they may encounter. It provides stepby-
step guidance for dealing with the problems of preparation
of the decedent’s final return, characterization of income in
respect of a decedent, computation of distributable net income
(DNI), the interaction of the system of taxation of trusts and
estates and the passive activity rules, the grantor trust rules,
and the rules relating to split interest charitable trusts.

• The Income Tax Meaning of Estates and Trusts
• Decedent’s Income Tax Liability for the Year of Death
• Income in Respect of Decedents
• Partnership Interests
• Distributable Net Income
• The Charitable Deduction
• Distributions
• The Passive Activity Rules
• The Throwback Rule
• Grantor Trusts
• Split-Interest Charitable Trusts
• Termination and Modification
• The Executor’s Personal Liability for Federal Taxes of the Decedent and the Estate

June 2020      9780808054696