Federal Income Taxation of Decedents, Estates and Trusts - 2016 CCH Tax Spotlight Series

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: - 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 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 Death of a Partnership Member 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 Split Interest Trusts: CRTs and CLTs Chapter 11 S Corporations and Fiduciary Income Tax Chapter 12 Foreign Trusts Chapter 13 Fiduciary Duties and Liabilities Case Table Table of Internal Revenue Code Sections Table of TreasurynRegulations Table of Revenue Rulings and Other IRS Releases Index