Federal Income Taxation of Estates, Trusts and Beneficiaries

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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
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Explore the features and facets of Federal Income Taxation of Estates, Trusts and Beneficiaries

Description:

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While many fiduciaries and professionals share responsibility for wealth planning or reporting the income taxes relating to transfer 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.

Contents:

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Federal Income Taxation of Estates, Trusts & Beneficiaries

Content and Topics


CHAPTERS

  • The Income Tax Meaning Of Estates And Trusts
  • Decedent's Income Tax Liability For The Year Of Death
  • Income In Respect Of Decedents
  • Partnership Interests
  • Distributable Net Income
  • The Charitable Deduction
  • The Passive Activity Rules
  • The Throwback Rule
  • Grantor Trusts
  • Split-Interest Charitable Trusts
  • Termination
  • The Executor’s Personal Liability For Federal Income Taxes Of The Decedent And The Estate

TABLES

  • Table Of Cases
  • Table Of Internal Revenue Code Sections
  • Table Of Revenue Rulings
  • Table Of Federal Statutes
  • Table Of State Statutes
  • Table Of Uniform And Model Acts
  • Table Of Restatements Of Law

Index

About the Author(s):

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  • M. Carr Ferguson is senior counsel in Davis Polk & Wardwell’s Tax Department, involved in the Tax Controversy Practice Group. In addition to tax controversies, his practice includes federal and international taxation of corporations and individuals, principally in the areas of business transactions, including sales, acquisitions, financing, and insolvency arrangements.

    Mr. Ferguson joined Davis Polk as a partner in 1981 at the end of the Carter Administration. He graduated from Cornell University in 1952 and in 1954 received his LL.B. from Cornell Law School. He earned an LL.M. in taxation from New York University School of Law in 1960 and, for the next 17 years, was a professor of law at Iowa, Stanford and New York University, where he was the Charles L. Denison Professor of Law. He was of counsel to Wachtell, Lipton, Rosen & Katz from 1968 to 1977.

    Mr. Ferguson is the author of several books and articles on federal taxation. He is a member of the American Law Institute, the American Bar Association and former chair of its Tax Section, and the New York State and City Bar Associations. He is a lecturer on taxation and consultant to government and non-profit groups. Mr. Ferguson is vice chair of the board of trustees of Lewis & Clark College, a trustee of New York University School of Law and serves on the council of Cornell University and the board of visitors of Cornell Law School.



  • Mark L. Ascher, Sylvan Lang Professor in the Law of Trusts, 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"Scott on Trusts" (now to become "Scott & Ascher onTrusts"). 

    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.

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