Federal Income Taxation of Decedents, Estates and Trusts - 2017 (Cch Tax Spotlight)

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 funding 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: - Application of the 3.8% net investment income tax to trusts and estates - Decedent's final income tax return including pre- and post-mortem planning elections - Treatment of partnership items for a deceased partner - Fiduciary income tax return fundamentals - Trust accounting income and distributable net income - Beneficiary's tax liability - Grantor trust rules - Split interest trusts: CRTs and CLTs - S corporations and trusts; QSST and ESBT rules - Taxation of foreign trusts - State fiduciary income taxation of trusts - Fiduciary duties and liabilities Latest changes to the Internal Revenue Code, as well as new and updated regulations, rulings and cases, are reflected throughout the text through the date of publication. Chapter 1 Introduction Chapter 2 Decedent's Final Income Tax Return Chapter 3 Fundamentals of Decedent's Final Return Chapter 4 Income and Deductions Reported on a Decedent's Final Return Chapter 5 Fiduciary Income Tax Return Chapter 6 Fiduciary Income Tax Return Fundamentals Chapter 7 Trust Accounting Income and Distributable Net Income Chapter 8 Beneficiary's Tax Liability Chapter 9 Grantor Trusts Chapter 10 Death of a Partnership Member Chapter 11 Charitable Deduction and Split Interest Trusts; CRTs and CLTs Chapter 12 S Corporation and Fiduciary Income Tax Chapter 13 Fioreign Trusts Chapter 14 Fiduciary Duties and Liabilities Chapter 15 State Fiduciary Income Taxation of Trusts Case Table Table of Internal Revenue Code Sections Table of TreasurynRegulations Table of Revenue Rulings and Other IRS Releases Index