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"... gives a survey of the history of trusts, explains in detail the U.S. federal income, estate, and gift taxation of foreign trusts and estates and their grantors and beneficiaries. The Portfolio also provides a secondary discussion of select U.S. state taxation analogues. An entity is subject to U.S. income taxation as a 'foreign trust' or "foreign estate" if it is classified respectively as such under several U.S. tax code sections"--Page iii.
... explains in detail the federal income, estate and gift taxation of foreign trusts and estates and their grantors and beneficiaries. An entity is subject to U.S. income taxation as a foreign trust or estate if it is classified as a foreign trust or estate, respectively, for U.S. tax purposes.
Explanation and comments upon the U.S. tax and reporting rules applicable to foreign trusts. Examples of suggested courses of action for common problems are given throughout.
Protect your clients' assets and shield their estates from increased taxation brought about by changing tax laws. This book can help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. It provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. In addition, you will also learn how to prepare federal Form 1041, US Income Tax Return for Estates and Trusts. Key topics covered include: How are trusts and estates taxed under the internal revenue code? What is a trust? What is a "simple trust?" What is a "complex trust?" How is the "income" of a trust or estate defined for tax purposes? What are the ordinary deductions and credits allowed? How is the "deduction for distributions" to beneficiaries determined? How are trust and estate beneficiaries taxed? What is a "grantor trust" and how is it taxed? How to prepare Form 1041.
"This comprehensive guide can serve either as a course supplement or as a refresher for members of the bar. Expert commentary summarizes the law and offers critical perspectives on the federal income taxation of estates, trusts, and beneficiaries, including the decedent's final income tax return; classification of estates and trusts; income in respect of a decedent; distributable net income; simple and complex trusts; distributions; grantor trusts; charitable trusts; and foreign trusts. Additional chapters cover basic income, gift and estate tax concepts, accumulation distributions, and specially treated trusts."--