Taxation of Estates and Trusts
The TCJA amended Sec. 461 to include a subsection (l), which disallows excess business losses of noncorporate taxpayers if the amount of the loss is in excess of $250,000 ($500,000 in the case of a joint return).
It is important to note the role trust accounting income plays when preparing the annual income tax return for the trust, a role that has become
more prominent since the enactment of the TCJA.
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
This article lists the changes together, along with some unexpected nuances.
Allowable charitable contribution deductions and control over donated funds are key factors for taxpayers to weigh when considering alternatives to private foundations.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
Investors with significant capital gains should investigate opportunities to reinvest their cash within designated QOZs to take full advantage of this tax boon.
Regulations are anticipated to clarify that the costs of trust or estate administration that are deductible under Sec. 67(e)(1) are not miscellaneous itemized deductions and, therefore, their deductibility has not
been suspended by Sec. 67(g).
The enactment of Sec. 199A provides one more reason to advise clients to create separate trusts for individual beneficiaries instead of a single trust.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
This article is the second of two parts of an annual update on developments in trust, estate, and gift taxation. It covers generation-skipping transfer tax and trust tax developments, as well as inflation adjustments for 2018.
This first of a two-part article discusses legislative,
gift, and estate tax developments.
The California Superior Court determined that all income, including California-source income, is subject to the apportionment formula.
The IRS was entitled to an estate’s share of the proceeds from the sale of limited partnerships’ assets after it intervened in a suit between the estate and the partnerships.
This item offers an overview of the main amendments to the income taxation of trusts and estates included in the TCJA.
The IRS announced new lower tax brackets for 2018 and a number of other new items affected by the Tax Cuts and Jobs Act.
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.
This article discusses the relief available when an executor misses filing the election to make estate exclusion amount portable.
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.
Qualified business income deduction regs. and other guidance issued