Federal Income Taxation of Estates, Trusts & Beneficiaries (2007 Supplement) (Loose Leaf) [Paperback]

James J. Freeland (Author), Mark L. Ascher (Author), M. Carr Ferguson (Author)

Book Description

ISBN-10: 0808091026 | ISBN-13: 978-0808091028 | Publication Date: April 15, 2007 | Edition: 2007

The 2007 Supplement to Federal Income Taxation of Estates, Trusts & Beneficiaries contains 462 loose-leaf pages that the customer files into the main ring-bound compilation (ISBN 0735500169). Over the last half-century or so, taxation of fiduciary income has become increasingly complex. While many fiduciaries and professionals share responsibility for wealth planning or reporting the income taxes relating to transmission of wealth, there is little published to guide them through the maze of choices and problems they may encounter. Federal Income Taxation of Estates, Trusts, & Beneficiaries provides step-by-step guidance for dealing with the problems of preparation of the decedent s final return, characterization of income in respect of a decedent, computation of distributable net income (DNI), the interaction of the system of taxation of trusts and estates and the passive activity rules, the grantor trust rules, and the rules relating to split interest charitable trusts. As always, the update is designed to provide the reader with information that is timely and tailored to the needs of today s busy practitioner. The 2007 Supplement to Federal Income Taxation of Estates, Trusts & Beneficiaries brings you up to date on the latest developments in this complex and constantly changing area. Highlights include a discussion of: -- William L. Rudkin Testamentary Trust v. Commissioner, an opinion reviewed and agreed to by all of the Tax Court judges, which held that investmment advisory fees paid by a trustee are subject to the limittions of section 67, has been affirmed in a strong opinion by the Second Circuit. Rudkin thus joins Mellon Bank, decided by the Federal Circuit, and Scott, decided by the Fourth Circuit, in rejecting the Sixth Circuit's O'Neill opinion, the only authority to the contrary; and --Notice 2006-15, in which the Service extended the grandfathering date in Rev. Proc. 2005-24 "until further guidance is issued." In Rev. Proc. 2005-24, the Service took the immensely unpopular position that, as to inter vivos trusts created on or after June 28,2005, sny possibility of a spousal right of election against the trust would result in its disqualification as a charitable remainder trust, unless the spouse irrevocably waived the right in writing. After Norice 2006-15, however, until the Service steps back into the fray, the possibility of a spousal right of election has no effect on a CRTs qualification, except in the event that the spouse actually exercises the right. The 2007 Supplement to Federal Income Taxation of Estates, Trusts & Beneficiaries brings you up to date on the latest developments in this complex and constantly changing area. Highlights include a discussion of: -- William L. Rudkin Testamentary Trust v. Commissioner, an opinion reviewed and agreed to by all of the Tax Court judges, which held that investmment advisory fees paid by a trustee are subject to the limittions of section 67, has been affirmed in a strong opinion by the Second Circuit. Rudkin thus joins Mellon Bank, decided by the Federal Circuit, and Scott, decided by the Fourth Circuit, in rejecting the Sixth Circuit's O'Neill opinion, the only authority to the contrary; and --Notice 2006-15, in which the Service extended the grandfathering date in Rev. Proc. 2005-24 "until further guidance is issued." In Rev. Proc. 2005-24, the Service took the immensely unpopular position that, as to inter vivos trusts created on or after June 28,2005, sny possibility of a spousal right of election against the trust would result in its disqualification as a charitable remainder trust, unless the spouse irrevocably waived the right in writing.

Editorial Reviews

About the Author

Mark L. Ascher, Joseph D. Jamail Centennial Chair in Law, University of Texas, joined the faculty of the University of Texas School of Law in January 2000. Previously, he was the Ralph W. Bilby Professor at the University of Arizona College of Law in Tucson, Arizona. Widely considered the leading scholar in the law of trusts and estates of his generation of law professors, he is now the primary author of the leading practitioner treatise, "Federal Income Taxation of Estates, Trusts and Beneficiaries" and has taken over the leading treatise "cott on Trusts" (now to become "Scott & Ascher on Trusts"). Professor Ascher is an academic fellow of the American College of Trust & Estate Counsel, a member of the American Law Institute, and an adviser to the ALI's Restatement (Third) of Trusts. He has also been a Visiting Professor at NYU School of Law and Cornell Law School. professor Ascher received a B.A. in 1975 from Marquette, an M.A. in 1977 from Kansas State, a J.D. in 1978 from Harvard, and an LL.M. in 1981 from New York University.

Product Details

• Paperback: 462 pages
• Publisher: CCH, Inc.; 2007 edition (April 15, 2007)
• Language: English
• ISBN-10: 0808091026
• ISBN-13: 978-0808091028
• Product Dimensions: 9 x 6.4 x 1 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Amazon Best Sellers Rank: #6,371,085 in Books (See Top 100 in Books)