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Informationen zum Autor The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession. Klappentext 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. Zusammenfassung 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. Inhaltsverzeichnis Chapter 1 1-1What is a Trust? What is an Estate? 1-1What is a trust? 1-2Decedent's estates 1-15Chapter 2 2-1The Fundamentals of Fiduciary Accounting 2-1Fiduciary accounting under the UPAIA 2-4Distinguishing income from principal under the UPAIA 2-5The allocation of disbursements 2-15Practice exercise 2-1 2-25Chapter 3 3-1Taxation of Trusts and Decedent's Estates: An Overview 3-1Introduction 3-2Defining passive income 3-9Accounting periods 3-11Section 645 election 3-12Accounting methods 3-13Estimated tax 3-14Tax identification number 3-16Chapter 4 4-1Gross Income for Trusts and Decedent's Estates 4-1Items to include 4-3Treatment of property distributed in-kind 4-6Chapter 5 5-1Ordinary Deductions and Credits 5-1Trade or business expense 5-2Income-producing activities 5-3Interest 5-4Taxes 5-6Losses and bad debts 5-7Depreciation, amortization, and depletion 5-10Deductions and credits in respect of a decedent: Section 691(b) 5-13Deduction for estate taxes paid: Section 691(c) 5-14Deductions that may be allowable for estate tax purposes 5-15Qualified business inc...
