Join us for an in depth look at the complicated income tax rules of fiduciary accounting relative to estates and trusts, and how to keep your practice and your clients in compliance with the latest requirements and considerations.
With the increase in the estate and gift exemption amounts, as well as increased income tax rates, trusts & estates and tax planning attorneys should turn their focus to federal and state income tax issues affecting estates and trusts. A comprehensive understanding of the various income tax rules, increased rates and the implication of new income taxes will give practitioners a better understanding of the income tax implications of planning strategies recommended to clients.
TOPICS:
ESTATES
a. Fiscal Years
b. Section 645 Election
GROSS INCOME : DNI
a. Gross Income
b. Deductions - 2% Disallowance Rule, Charitable Deductions, and §642(g)
c. Capital Gains
d. Separate Share Rule
INCOME DISTRIBUTION DEDUCTION
a. Simple Trusts
b. Complex Trusts - 65 day rule distributions
c. Three Gift Rule
d. Distributions in Kind - §643(e)
e. ESBT’s
Income Taxation to Beneficiaries – K-1
a. Allocation Among Beneficiaries
b. Character of Income
Tax Returns and Tax Payments
a. Rates
b. Form 1041 – Due Dates
c. Estimated Taxes
d. Form 1041-T
e. Electronic Filing
Grantor Trusts
a. §§671-677
b. §678
c. §679
d. Intentionally Defective Grantor Trusts
e. EINs
State Income Tax
a. Resident Trusts - MA Rules, Other States, Trusts With No State,
b. Non-resident Trusts
Foreign Trusts
a. Presumption of Foreign Status
b. Grantor Trusts – 672(f)
c. DNI - Capital Gains
d. UNI
e. Notice 97-34
Speakers:
Stephen Ziobrowski
Day Pitney LLP
Kelly J. Guarino
Lourie & Cutler, PC
Steve Goldman
Ernst & Young LLP
James C. Bellavia
U.S. Trust, Bank of America Private Wealth Management
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