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Search - Federal Income Taxation of Estates, Trusts & Beneficiaries (2008 Supplement)

Federal Income Taxation of Estates Trusts Beneficiaries - 2008 Supplement
Author: Mark L. Ascher

The 2008 Supplement to Federal Income Taxation of Estates, Trusts & Beneficiaries contains 522 loose-leaf pages that the customer files into the main compilation (ISBN 9780735500167). Over the last half-century or so, taxation of fiduciary income has become increasingly complex. While many fiduciaries and professionals share responsibility for w... more »ealth 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. Federal Income Taxation of Estates, Trusts, & Beneficiaries provides step-by-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. As always, the update is designed to provide the reader with information that is timely and tailored to the needs of today s busy practitioner. The 2008 Supplement to Federal Income Taxation of Estates, Trusts & Beneficiaries brings you up to date on the latest developments in this complex and constantly changing area. Highlights include a discussion of the following: The Supreme Court, in Knight v. Commissioner, affirmed William L. Rudkin Testamentary Trust v. Commissioner, in which the Second Circuit held that investment advisory fees paid by a trustee were subject to the limitations of Section 67. In Mellon Bank and Scott, the Federal Circuit and Fourth Circuit had already reached the same result. Only the Sixth Circuit, in O'Neill, had ever held otherwise; Scarecely more than a month after the grant of certiorari in Rudkin, the Service announced proposed regulations dealing with the applicability of Section 67 to expenses incurred by fiduciaries. Not surprisingly, the proposed regulations leave little doubt that investment advisory fees are subject to the limitations of Section 67. For better or for worse, the proposed regulations also go much further. The test for identifying expenses subject to the limitations of Section 67, according to the proposed regulations, is whether they are unique to estates and trusts. Only those that are escape the statutory limitations. In addition, the proposed regulations provide that all fiduciary expenses, including executor's commissions and trustees fees, are subject to unbundling, to identify any included fees that are subject to the limitations of Section 67; In the Small Business and Work Opportunity Act of 2007, Congress enacted Section 641(c)(2)(C)(iv), which allows an Electing Small Business Trust (ESBT) to deduct interest paid or accrued on indebtedness incurred to acquire S Corporation stock.

ISBN-13: 9780808091806
ISBN-10: 0808091808
Publication Date: 4/18/2008
Pages: 522
Edition: 2008
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Publisher: CCH, Inc.
Book Type: Ring-bound
Members Wishing: 0
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