Fiduciary income tax is a complex blend of state accounting rates and the tax law of Subchapter J. Only by understanding this interaction can the practitioner acquire the skills and knowledge to provide income tax planning for an estate or trust and its beneficiaries, sure to be an important skill in practice in the new income tax environment.
<liDistinguish fiduciary accounting income from taxable income and distributable net income</font
</li<liAccount for distributions for accounting and tax purposes</font
</li<liIdentify how the fiduciary income tax return differs from individual income tax</font
</li<liUnderstand state law on principal and income</font </li</ul</ul
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<liReview of major legal and tax concepts</font
</li<liConcepts of fiduciary accounting: Principal and income</font
</li<liThe Uniform Principal and Income Act: how specific state laws on principal and income applied to common expenditures and receipts</font
</li<liHow fiduciary accounting determines the timing and amount of distributions</font
</li<liThe crucial differences between fiduciary accounting and tax accounting</font
</li<liDistinguishing fiduciary accounting income from distributable net income</font
</li<liSplitting income between the fiduciary and the beneficiaries: distributable net income</font
</li<liHow to set up an accounting system for an estate or trust, prepare a judicial accounting, and record-keep for fiduciary accounting</font
</li<liHow practitioners can handle audits of estates and trusts</font
</li<liVarious exercises and problems</font </li</ul</ul
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All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts