Federal Income Taxation of Decedents, Estates and Trusts - CCH Tax Spotlight Series

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9780808035442: Federal Income Taxation of Decedents, Estates and Trusts - CCH Tax Spotlight Series
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At the death of the decedent, a separate taxable entity, the decedent's estate, is created. A fiduciary is appointed to take over administration of the Decedent's estate. The representative gathers the assets, files the Decedent's final income tax return, satisfies tax liabilities, oversees creation and fundng of any testamentary trusts, which become separate taxpaying entites. The estate is liable for the tax on the income received during the period of its administration and the fiduciary oversees preparation of all tax forms required including the final income tax return and any estate and gift tax returns that are due. CCH's Federal Income Taxation of Decedents, Estates and Trusts provides concise, plain-English coverage of these issues and more. It presents the fundamental rules for preparing a decedent's final income tax return and highlights the income tax rules for the decedent's estate and related trusts. Also covered are the special rules regarding the taxation of grantor trusts and bankruptcy estates. Fiduciary duties, including liability for filing a return and paying any taxes due on behalf of the estate or trust, are also thoroughly discussed. Examples illustrating these rules are provided throughout Among the subjects covered in this quick answer reference are: - Decedent's last return - Death of a partnership member - Decedent's stock holdings - Income tax return of estate or trust - Grantor trusts - Beneficiary's tax liability - Bankruptcy estates - Fiduciary duties and liabilities Latest changes to the Internal Revenue Code, as well as new regulations, rulings and cases, are reflected throughout the text through date of publication.

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About the Author:

David Berek, C.F.P., C.P.A., J.D., LL.M., is a Partner in the Advanced Planning and Family Office Practice Group at Handler Thayer, LLP. He focuses his practice on Family Office Structuring and Administration, Wealth Transfer Planning, Income Tax Planning, and Trusts & Estates. Prior to joining Handler Thayer, LLP, Mr. Berek was a Director at a global private bank in their family office group as a family CFO, and ran the Wealth Planning group in the Central US region advising clients of the private bank on family office and wealth transfer techniques. Prior experience includes practicing trusts and estates law with large and mid-size law firms; income, transfer tax and trust planning with two big 4 public accounting firms; and, estate tax compliance and administration with a large Chicago-based trust company. Mr. Berek is currently the editor of the two-volume treatise Illinois Estate Planning, Will Drafting and Estate Administration Forms with Practical Commentary published by LexisNexis. Mr. Berek is also an adjunct professor at DePaul University where he teaches Estate Planning, Estate, Gift and GST Tax, Income Taxation of Decedents, Estates and Trusts, and Tax Research in the Masters of Science in Taxation program; and at The John Marshall Law School where he teaches Advanced Income Tax in the LL.M. Graduate Tax program. Mr. Berek earned a Bachelor of Science in Accountancy Degree from DePaul University, a Juris Doctorate Degree, cum laude (Law Review, Moot Court), and an LL.M. in Employee Benefits Degree, with honors, from The John Marshall Law School. Active with bar associations, he is a John S. Nolan Tax Law Fellow of the American Bar Association, Tax Section, a former chair of the Tax Practice Management Subcommittee, and a former Current Developments reporter of the Estate and Gift Tax Subcommittee.

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