Items related to Income Taxation of Fiduciaries and Beneficiaries 2014
Synopsis
Income Taxation of Fiduciaries and Beneficiaries provides stepbystep 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 filledin forms 1041 and accompanying documents. Highlights include: ·* IRA divided into subtrusts beneficiaries, not trusts, are taxable ·* Grantor trusts · * IRS reaffirms position on Rev. Rul. 8513: deemed owner reflects all tax items of income, deduction, credits, etc. ·* More on toggling to/from grantor status · * Member of distribution committee is not treated as a grantor · * How to factor/value reversionary interest ·* Late filing election for QSSTs is simplified: need for PLR deleted ·* Reformation of CRUT to reflect change in regulations that had retroactive effect ·* Regulations issued on PFIC reporting and QEF treatment ·* State decanting provisions ·* Adding beneficiary to wholly discretionary trust is a nontaxable event ·* Material Participation tests: · * IRS expands criteria · * Passive activity and net investment income considerations · * Docketed tax court case on real estate activities status ·* New tax rates on trust and estates ·* Substantial detail on deductions and distributions for NII /surtax calculations ·* Related back applies to Subchapter J, tier 1/1/2 calculations, not relevant for FAI ·* When passive activity realizes income, NOL carryover is freed up
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About the Author
About 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 coauthored 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 ALIABA program on planning for Large Estates and in the University of Miamis 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 professions 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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- PublisherCch Inc
- Publication date2014
- ISBN 10 0808038427
- ISBN 13 9780808038429
- BindingPaperback
- Number of pages2232
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