This last article in a three-part series contains an analysis of the tax reporting of the net income distribution to a U.S. beneficiary of a foreign nongrantor trust.
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TOPICS
Taxation of Estates & Trusts
IRS simplifies procedure to request relief for late portability elections
This article discusses the relief available when an executor misses filing the election to make estate exclusion amount portable.
Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 2
Part 2 of this three-part series analyzes legal and beneficial ownership concepts as applied to a trust or estate created and administered in a foreign common law jurisdiction in contrast to a civil law jurisdiction.
Foreign trust DNI, UNI, and the throwback rules: Important tax planning strategies
Foreign nongrantor trusts with U.S. beneficiaries have always been highly regulated under the throwback rules .
Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 1
Part 1 (of three) explains the classification criteria of a foreign nongrantor trust or foreign estate for U.S. tax purposes and the proper information reporting after U.S. taxes are withheld.
Recent developments in estate planning: Part 2
This second of a two-part article discusses GST tax and trust tax developments, as well as tax reform proposals and inflation adjustments for 2017.
Recent developments in estate planning: Part 1
This first of a two-part article discusses gift and estate tax developments.
IRS allows certain estates an extension of time to make portability election
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
Disclaimers as a fix for old trusts
The use of a disclaimer by a trust beneficiary may be helpful to adjust the results of a previously established irrevocable trust.
IRS provides simplified method to request an extension of time to make a portability election
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
Estate planning for blended families
This column discusses AB trusts and ABC trusts.
Sale of a residence in a QPRT
This item explores what happens if the residence is sold during the QPRT term.
Valuation of family-owned entities for estate and gift tax purposes under Sec. 2704
This article discusses the rules governing the
effects of lapses and restrictions on voting or liquidation rights of owners on the valuation of
family-held entities.
IRS notice permits recalculation of marital deductions for same-sex couples
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax
treatment for property transferred to spouses.
Self-dealing exception solves estate settlement woes
An exception to the prohibition on indirect self-dealing can enable executors and families of decedents to conduct certain transactions with foundations without triggering penalties associated with self-dealing.
How to fix an incorrect GST exemption allocation
The ability to obtain relief ensures that an individual’s GST exemption can be allocated correctly to certain transfers in trust.
IRS Permits Account Transcripts to Replace Estate Tax Closing Letters
Because it no longer automatically issues an estate tax closing letter, the IRS announced that an account transcript can substitute for a closing letter.
IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
Account Transcripts Can Substitute for Estate Tax Closing Letters
Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.
2017 Inflation Adjustments and Tax Tables for 2018 Filing Season Released
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
