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Table of Contents
1 Cover
2 Chapter 1: What is a Trust? What is an Estate? What is a trust? Decedent's estates Notes
3 Chapter 2: The Fundamentals of Fiduciary Accounting Fiduciary accounting under the UPAIA Distinguishing income from principal under the UPAIA The allocation of disbursements Practice exercise 2-1 Notes
4 Chapter 3: Taxation of Trusts and Decedent's Estates: An Overview Introduction Defining passive income Accounting periods Section 645 election Accounting methods Estimated tax Tax identification number Notes
5 Chapter 4: Gross Income for Trusts and Decedent's Estates Items to include Treatment of property distributed in-kind Notes
6 Chapter 5: Ordinary Deductions and Credits Trade or business expense Income-producing activities Interest Taxes Losses and bad debts Depreciation, amortization, and depletion Deductions and credits in respect of a decedent: Section 691(b) Deduction for estate taxes paid: Section 691(c) Deductions that may be allowable for estate tax purposes Qualified business income deduction for trusts and estates Charitable contribution deductions Suspension of miscellaneous itemized deductions subject to the two-percent floor Deduction in lieu of exemption Tax credits Notes
7 Chapter 6: The Income Distribution Deduction Defining DNI Distinguishing simple trusts from complex trusts Section 651(a): Deduction for distributions to beneficiaries of a simple trust Section 661(a): Deduction for distributions of complex trusts and decedent's estates Practice exercises Notes
8 Chapter 7: How Beneficiaries are Taxed The taxation of a simple trust beneficiary The taxation of complex trust and estate beneficiaries Practice exercises35 Notes
9 Chapter 8: Special Rules Round-Up Unused deductions passed through to beneficiaries upon termination of an estate or trust The throwback rules Special rules applicable to Sections 661 and 662 Practice exercise 8-1 Notes
10 Chapter 9: The Tax Treatment of Grantor Trusts When is a grantor treated as an owner? Reversionary interests Power to control beneficial enjoyment Retention of administrative powers Power to revoke Income for benefit of grantor Person other than grantor treated as substantial owner Foreign trusts having one or more U.S. beneficiaries Notes
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