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Income Taxation of Fiduciaries and Beneficiaries provides step-by-step guidance on the taxation of fiduciary income. This comprehensive guide for practitioners advising fiduciaries and beneficiaries in federal income tax matters covers the broad range of complex issues from charitable remainder trusts to nexus rules and their effect. Providing expert practical advice, Income Taxation of Fiduciaries and Beneficiaries helps the practitioner obtain the most advantageous outcomes for his/her fiduciary and beneficiary clients. Key feature: 35 case studies with filled-in forms 1041 and accompanying documents. Highlights of the 2010 Edition include: · Regulations were not finalized re application of 2% floor ; uncertainty continues; · Decisions continue to address fraud by marketers of trusts to (1) hold business and personal assets and (2) to assist purchasers of these packages to file false income tax returns; · Fiduciary accounting income aspects that affect fiduciary income tax treatment continue to receive treatment consistent with prior years: o trustee exercise of power to adjust, transferring principal to income, results in such amounts being treated as gross income, DNI and FAI, even if such transfer includes capital gains; o similar treatment occurs when an all income distribution trust is reformed to a total return unitrust. These actions do not affect GSTT status or estate inclusion; · Mechanics of the charitable look back election are explored; · Deduction is under IRC §661, not IRC §642(c), for charitable distributions when the possibility that non-charity takers can receive distributions is not so remote as to be negligible; · An example of the complex calculation when a trust has UBTI and makes charitable distributions; · Various deduction treatments: o ordinary loss to a regular trust, including loss carrybacks from Ponzi schemes; o loss carrybacks are not allowed to charitable remainder trusts that suffer Ponzi losses; o CRT and CLAT developments; o reformation of a CRT is not recognized if such action does not have a non-tax purpose; o gain is recognized when a grantor CLAT is funded with appreciated property [contentious]; o CLTs can make distributions to donor advised funds [DAFs]; o detailed example of how a CLT can pay out different annuity amounts [termed back loading or stair step]; · Miscellaneous o formation by a trust of LLCs to own and manage investments has no tax consequence; o partition of trust so ESBT can be elected for one part is approved; o post-death partition of a trust is not a taxable distribution; o Rev. Rul. 85-13 does not apply to a sale of assets to a trust in exchange for a note; o extensive discussion of trusts where HEMS standards are applied for distributions IRC §678; o further discussion of trust decanting, including its use to relocate a trust s situs o The IRS reemphasizes the Kenan rule that a pecuniary bequest funded with appreciated assets results in taxable gain.
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Annual editionsAbout the Author:
Byrle M. Abbin is a Managing Director, WTAS, LLC in McLean, Virginia. He received his B.B.A. with distinction from the University of Michigan and his J.D. from Harvard Law School. He has extensive experience in tax policy matters through congressional testimony, written analyses in tax journals, and is a member of various committees of the American Institute of Certified Public Accountants (AICPA) that have proposed legislative and regulatory recommendations. In this role, Mr. Abbin has appeared before the World Economic Forum, Davos, Switzerland, and various meetings including the Brookings Institution Conference on Tax Policy. His technical interests range from estate planning to the corporate alternative minimum tax, about which he edited and co-authored a treatise published by CCH. He has been a prolific speaker and writer in estatet planning matters, appearing before most major tax institutes and conferences. He has been especially involved in the ALI-ABA program on planning for Large Estates and in the University of Miami s Philip E. Heckerling Institute on Estate Planning, on whose advisory committee he serves. He is a former Director of the American Council for Capital Formation, The Tax Council,and a former Director and Chairman of the Institute for Research on the Economics of Taxation. He served as Chairman of the AICPA Consumption Taxation Task Force. He is also a member of the AICPA Fiduciary Income Tax Task Force and serves on the AICPA Transfer Tax Task Force and GST Tax Task Force. He is a member of the program and policy committee of the Tax Foundation, and the Advisory Board of numerous tax journals. In 2001, the American Institute of Certified Public Accountants bestowed on Mr. Abbin the Arthur J. Dixon Award, the accounting profession s highest award for tax service in a career of service with distinction in the field of taxation. In 2004, as part of the initial group of practitioners selected for the designation, the National Association of Estate Planners & Councils awarded him the status of Distinguished Accredited Estate Planner for his contribution to the promotion of estate planning expertise nationally. In 2008, the NAEPC presented him with the Hartman Axley Lifetime Service Award in recognition of distinguished service to the estate planning profession.
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