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Fiduciary accounting and taxation have been in transition for several years. Changes in the income tax rate structure have pulled tax planning forward as a prime objective for estate planners. We will explore many of these issues in this workshop series.
Instructor: Jacqueline A. Patterson
Issues and updates for fiduciary entities | Fiduciary accounting and taxation | Tax cost of accumulating taxable income in a trust | Calculation for the multiple authorities | Modeling to minimize the tax cost to the trust while maintaining the grantor’s intent | IRC Secs. 67(e) & 67(g)
Fiduciary accounting elections | Unitrusts and trustee’s power to adjust | Rules for distributions from entities | When capital gains are included in distributable net income (DNI) | Basic fiduciary accounting problem | Reserve for depreciation | Accounting for business assets
Distributions made to beneficiaries | Impact of distribution on DNI and the distribution deduction | Tax impact of special distributions | Calculating DNI and the distribution deduction | Distributions that result in “Kenan Gain” | Funding a pecuniary bequest with depreciated property
The depth and scope of trust administration | Importance of an approach to the many duties and responsibilities | Administrative trust | IRC Sec. 645 Election
IRD (Income in Respect of a Decedent) | When an administrative trust is necessary