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Blattmachr on Income Taxation of Estates and Trusts (16th Edition)
 by Jonathan G. Blattmachr, F. Ladson Boyle
 
 Copyright: 2013

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  • ISBN Number: 9781402420610
  • Page Count: 1160
  • Number of Volumes: 1
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PLI’s Blattmachr on Income Taxation of Estates and Trusts (16th Edition) offers today’s most comprehensive treatment of how the I.R.C. taxes estates and trusts in light of recent legislative, regulatory, and judicial developments.

You’ll find vital information on how income in respect of a decedent is taxed; a decedent’s final return; the taxation of foreign trusts, simple and complex trusts, and charitable lead trusts; income tax issues that must be addressed when using revocable trusts as an estate planning vehicle; and the taxation of estates and trusts as S corporation shareholders.

Written by authorities with more than 70 years of combined experience in the field, Blattmachr on Income Taxation of Estates and Trusts (16th Edition) shows you how to qualify for income tax deductions for federal estate taxes attributable to the right to the IRD; tax depreciation and depletion deductions for property held by an estate or trust; income tax deductions for net operating losses for estates and trusts; and income tax deductions related to qualified production activities income.

Updated annually or as needed, Blattmachr on Income Taxation of Estates and Trusts (16th Edition) is an indispensable resource for estate and tax planners, accountants, and general practitioners involved in estate and tax planning.


  Preface to the Sixteenth Edition
  Table of Contents
Chapter 1: Types of Trusts
Chapter 2: Decedent’s Final Return and Income in Respect of a Decedent
  • § 2:1 : Introduction2-1
  • § 2:2 : Decedent’s Final Return2-2
  • § 2:3 : Income in Respect of a Decedent (IRD)2-8
    • § 2:3.1 : Section 691(a)(1)—Inclusion in Income2-8
    • § 2:3.2 : Section 691(a)(2)—Disposition of the Right to IRD Items2-21
    • § 2:3.3 : Deductions in Respect of a Decedent (DRD): Section 691(b)2-24
    • § 2:3.4 : The Section 691(c) Income Tax Deduction for Estate Taxes Paid2-27
    • § 2:3.5 : QDOT (Section 2056A) Marital Deduction Trusts2-35
    • § 2:3.6 : GST Taxes and Income Tax Deductions2-35
Chapter 3: Ordinary Trusts; Estates in the Process of Administration
  • § 3:1 : Introduction3-2
  • § 3:2 : Computation of Net Taxable Income and Credits3-6
    • § 3:2.1 : Trust or Estate3-7
      • [A] : Depreciation and Depletion3-8
      • [B] : Amortization3-13
      • [C] : Tax Preference Items3-15
      • [D] : Net Operating Loss Deduction3-17
      • [E] : Personal Exemption and Standard Deduction3-17
      • [F] : Expenses and Losses; Nature of Gain3-18
      • [G] : Limitations on Certain Deductions3-23
        • [G][1] : Interest Generally3-23
        • [G][2] : Interest on Estate Taxes3-23
        • [G][3] : Section 67—Two-Percent Limitation on Deductions3-30
        • [G][4] : Deduction of Trade or Business Interest3-36
      • [H] : Passive Losses3-36
      • [I] : Disallowance of Deductions Under Section 2653-38
      • [J] : Charitable Contributions3-40
      • [K] : Credits Against Tax3-61
      • [L] : Section 1031 Like-Kind Exchanges3-65
      • [M] : Section 199 Deduction for Income Attributable to Domestic Production Activities3-66
      • [N] : Disposition of Installment Obligations3-67
      • [O] : Disposition of Real Property by a Nonresident Alien or a Foreign Corporation Owned Through an Estate or Trust3-68
    • § 3:2.2 : Beneficiaries3-68
  • § 3:3 : “Income” and “Distributable Net Income”3-71
    • § 3:3.1 : “Income”3-72
    • § 3:3.2 : “Distributable Net Income”3-79
      • [A] : Distribution Deduction3-80
      • [B] : Personal Exemption3-81
      • [C] : Capital Gains and Losses3-81
      • [D] : Capital Gains and Pooled Income Funds3-94
      • [E] : Taxable Extraordinary Dividends or Taxable Stock Dividends of Simple Trusts3-97
      • [F] : Tax-Exempt Income Under Section 103, Less Related Expenses3-97
      • [G] : Foreign Trust Adjustments3-98
      • [H] : Delegation of Authority to Issue Regulations3-98
      • [I] : Charitable Deduction Modification to DNI3-99
      • [J] : Income in Respect of a Decedent and DNI3-99
      • [K] : Income of Electing Small Business Trust (ESBT)3-99
    • § 3:3.3 : Character of Income Distributed3-100
  • § 3:4 : “Simple” and “Complex” Trusts3-105
  • § 3:5 : Deductions for Distributions; Inclusions by Beneficiaries3-106
    • § 3:5.1 : Amounts That Are Treated As Distributed3-106
      • [A] : Meaning of “Required to Be Distributed Currently”3-109
      • [B] : Meaning of “Other Amounts Properly Paid, Credited, or Required to Be Distributed”3-115
      • [C] : Indirect Payments3-118
    • § 3:5.2 : Tier System3-120
    • § 3:5.3 : Separate Shares3-125
    • § 3:5.4 : Nontaxable Corpus Distributions3-136
    • § 3:5.5 : Sixty-Five-Day Rule and Delayed Income Distributions3-139
    • § 3:5.6 : Taxable Corpus Distributions and the Section 643(e) Election3-140
  • § 3:6 : Throwback Rule3-144
    • § 3:6.1 : Purpose and Operation of the Rule3-144
    • § 3:6.2 : Distributions Exempted from the Operation of the Rule3-145
    • § 3:6.3 : “Accumulation Distribution” and “Undistributed Net Income”3-144
    • § 3:6.4 : Beneficiaries’ Taxes3-148
  • § 3:7 : Returns and Other Filing Requirements3-152
    • § 3:7.1 : Filing Requirements3-152
    • § 3:7.2 : Statute of Limitations3-158
    • § 3:7.3 : Tax Years for Noncharitable Trusts and Estates3-159
    • § 3:7.4 : Multiple Trusts3-162
    • § 3:7.5 : Estimated Payments of Income Tax3-167
  • § 3:8 : Election for a Trust to Be Taxed As Part of an Estate3-169
  • § 3:9 : Termination of Estates and Trusts3-177
Chapter 4: Medicare Tax–Section 1411 Imposition of the 3.8% Medicare Tax on Estates and Trusts; and Appendix 4A
  • § 4:1 : Background4-2
  • § 4:2 : Overview of the Proposed Regulations4-5
  • § 4:2.1 : Application of the Medicare Tax4-5
  • § 4:2.2 : Summary of When No Tax Is Due4-7
  • § 4:2.3 : Determining Modified AGI4-9
  • § 4:2.4 : AGI of an Estate or Trust4-9
  • § 4:2.5 : Knight and Section 67(e)4-10
  • § 4:3 : Net Investment Income4-11
  • § 4:3.1 : Net Investment Income4-12
  • § 4:3.2 : Determining if the Dividends, Gains, etc. Are NII4-13
  • § 4:3.3 : Trust Material Participation4-13
  • § 4:3.4 : Planning for Trust Material Participation4-15
  • § 4:3.5 : Gain from Sales of Partnership Interests or S Shares4-16
  • § 4:3.6 : Income from Tax-Exempt Pension Arrangements4-16
  • § 4:3.7 : Gains Subject to the Tax4-17
  • § 4:4.4 : Deductions Properly Allocable to NII4-17
  • § 4:4.1 : Deductions Properly Allocable to NII–Generally4-18
  • § 4:4.2 : Application of the Properly Allocable Rule to NII of an Estate or Trust4-20
  • § 4:5 : Income Excluded from NII from a Trade or Business4-21
  • § 4:5.1 : Disregarded Entities4-21
  • § 4:5.2 : Entities That Are Not Disregarded4-22
  • § 4:5.3 : Entities That Trade in Financial Instruments or Commodities4-22
  • § 4:5.4 : Entities Not Engaged in a Trade or Business4-22
  • § 4:6 : Special Rules for Estates and Trusts4-23
  • § 4:6.1 : Undistributed NII of an Estate or Trust4-23
  • § 4:6.2 : Deductions Properly Allocable to NII of an Estate or Trust4-27
  • § 4:6.3 : Allocation of NII Among Trust Beneficiaries4-29
  • § 4:7 : Section 642(c) Deduction and Charitable Trusts4-30
  • § 4:7.1 : Exempt Charitable Trusts4-30
  • § 4:7.2 : Non-Exempt Charitable Trusts4-31
  • § 4:7.3 : Charitable Remainder Trusts4-32
  • § 4:8 : Electing Small Business Trusts4-33
  • § 4:9 : Miscellaneous Special Trusts4-34
  • § 4:10 : Unresolved Issues4-34
  • Exhibit 4A : Thresholds for the New Medicare Tax ProvisionsEx. 4A-1
Chapter 5: Grantor Trusts
  • § 5:1 : Introduction5-3
    • § 5:1.1 : Overview5-3
    • § 5:1.2 : History5-5
    • § 5:1.3 : Intentional Grantor Trusts—The Big Picture5-7
  • § 5:2 : General Rules5-12
    • § 5:2.1 : Who Is a Grantor?5-12
    • § 5:2.2 : Portion Rule5-18
    • § 5:2.3 : Tax Year5-21
    • § 5:2.4 : Definitions5-21
      • [A] : Adverse Party and Non-Adverse Party5-21
      • [B] : Related or Subordinate Party5-27
      • [C] : Powers Subject to a Condition Precedent5-28
      • [D] : Powers and Interest of the Grantor’s Spouse5-28
      • [E] : Foreign Trust Limitation5-29
  • § 5:3 : Revocable Trusts—Trusts in Which the Grantor Has Retained a Beneficial Interest or Power—Sections 676 and 6735-39
    • § 5:3.1 : Grantor Trust Status5-32
  • § 5:4 : Trusts with Income for Benefit of Grantor or Spouse5-32
    • § 5:4.1 : Discretionary Distribution of Income to Grantor or Spouse4-33
      • [A] : Grantor Trust Status5-37
    • § 5:4.2 : Accumulation of Income for Future Distribution to Grantor or Spouse5-39
    • § 5:4.3 : Satisfaction of Legal Obligations of Grantor or Spouse5-42
      • [A] : Grantor Trust Status5-45
    • § 5:4.4 : Insurance Trusts5-45
      • [A] : Grantor Trust Status5-49
  • § 5:5 : Other Grantor Trusts5-49
    • § 5:5.1 : Reverter to Grantor5-51
      • [A] : Grantor Trust Status5-55
    • § 5:5.2 : Control Over Beneficial Interests5-55
      • [A] : Powers Permitted to Be Held by Anyone5-56
      • [B] : Powers of Independent Trustee5-63
      • [C] : Reasonably Definite External Standard Sprinkle Powers5-67
      • [C][1] : Grantor Trust Status5-69
      • [D] : Power to Add Beneficiaries—Grantor Trust Status5-70
      • [E] : Summary of “Viable” Choices for Causing Grantor Trust Status Under Section 6745-75
    • § 5:5.3 : Administrative Control for Benefit of Grantor5-76
      • [A] : Section 675(1)—Power to Deal with Trust Assets for Less Than Full and Adequate Consideration5-78
      • [B] : Section 675(2)—Specific Power of Grantor to Borrow Trust Assets Without Adequate Security or Adequate Interest—Grantor Trust Status5-79
      • [C] : Section 675(3)—Actual Borrowing of the Trust Assets by the Grantor—Grantor Trust Status5-81
      • [D] : Section 675(4)—Administrative Powers5-83
      • [E] : Section 675(4)(A) and (B)—Powers Over Closely Held Stock—Grantor Trust Status5-85
      • [F] : Section 675(4)(C)—Power Exercisable in a Nonfiduciary Capacity to Reacquire Assets by Substituting Assets of Equivalent Value—Grantor Trust Status5-86
      • [G] : Summary of Powers to Cause Grantor Trust Status Under Section 6755-100
    • § 5:5.4 : Foreign Trust with U.S. Beneficiary5-101
      • [A] : Generally5-101
      • [B] : Grantor Trust Under Section 6795-104
    • § 5:5.5 : Taxability of Income to Person Other Than the Grantor—Section 6785-104
    • § 5:5.6 : Section 678(a) and Ascertainable Standards5-107
    • § 5:5.7 : Section 678(b) and the Definition of “Income”5-116
    • § 5:5.8 : When Section 678(b) Exception No Longer Applies5-119
      • [A] : Section 678(b) Releases and Lapses5-119
      • [B] : Section 678(b)—678 Grantor Trust Status After “True” Grantor Trust Status Ends5-124
    • § 5:5.9 : Section 678(c)—Support Exception5-125
    • § 5:5.10 : Section 678 and Spouses5-126
  • § 5:6 : Switching or Toggling Grantor Trust Status On and Off5-127
    • § 5:6.1 : Generally5-127
    • § 5:6.2 : Turning Off Grantor Trust Status5-128
    • § 5:6.3 : Turning On Grantor Trust Status5-133
    • § 5:6.4 : Tax Consequences of Toggling On and Off Grantor Trust Status5-134
  • § 5:7 : The Termination of Grantor Trust Status—Tax Consequences5-134
    • § 5:7.1 : Termination of Grantor Trust Status During the Grantor’s Lifetime5-135
      • [A] : Third-Party Indebtedness5-135
      • [B] : Grantor Indebtedness5-136
    • § 5:7.2 : Termination of Grantor Trust Status by Reason of the Grantor’s Death5-137
      • [A] : Basic Rule of No Gain at Death5-137
      • [B] : Income in Respect of a Decedent5-144
      • [C] : Trustee’s Basis5-146
  • § 5:8 : Income Tax Reporting Requirements for Grantor Trusts5-153
Chapter 6: Foreign Trusts
  • § 6:1 : Overview6-1
  • § 6:2 : History of Legislation6-2
  • § 6:3 : Definitions—Foreign Trusts, Foreign Estates6-4
    • § 6:3.1 : Foreign Trusts6-4
    • § 6:3.2 : Foreign Estates6-5
  • § 6:4 : Limitation on Application of Grantor Trust Rules to Trusts with Foreign Grantors—Section 672(f)6-7
  • § 6:5 : Grantor Trust Rule for Foreign Trust with U.S. Beneficiary—Section 6796-10
  • § 6:6 : Recognition of Gain on Transfers to Non-Grantor Foreign Trusts—Section 6846-17
  • § 6:7 : Income Taxation of Foreign Estates6-23
  • § 6:8 : Accumulation Distributions and Interest Charge on Accumulation Distributions from Foreign Trusts6-24
  • § 6:9 : Foreign Trust Reporting Requirements6-26
  • § 6:10 : Loans from Foreign Trusts6-28
  • § 6:11 : Indirect Distributions6-29
  • § 6:12 : Withholdings at the Source6-31
Chapter 7: Special Trusts
  • § 7:1 : Common Trust Funds7-1
  • § 7:2 : Alimony Trusts7-2
    • § 7:2.1 : Post-1983 Rules—Revised Section 682 Trusts7-2
    • § 7:2.2 : Pre-1984 Rules—Section 71 and Section 682 Trusts7-3
  • § 7:3 : Trusts Taxable As Corporations7-6
  • § 7:4 : Charitable Remainder Trusts7-10
    • § 7:4.1 : General Overview7-10
    • § 7:4.2 : Taxation of Distributions to Beneficiaries7-17
  • § 7:5 : Charitable Lead Trusts7-21
  • § 7:6 : Pooled Income Funds7-26
Chapter 8: Trusts As S Corporation Shareholders
  • § 8:1 : S Corporation Eligibility8-2
  • § 8:2 : Trust Ownership of S Stock8-6
  • § 8:3 : Subpart E Trusts (Grantor Trusts)8-9
  • § 8:4 : Two-Year Trusts, Testamentary Trusts and Section 645 Trusts8-11
  • § 8:5 : Voting Trusts8-17
  • § 8:6 : Qualified Subchapter S Trusts (QSSTs)8-17
    • § 8:6.1 : One Current Income Beneficiary per QSST8-17
    • § 8:6.2 : Income Distribution Requirement8-25
    • § 8:6.3 : The QSST Election8-28
      • [A] : Making the Election8-28
      • [B] : Death of a QSST Beneficiary8-34
      • [C] : Disqualification As a QSST8-36
    • § 8:6.4 : Income Tax Effect of the QSST Election8-37
    • § 8:6.5 : Marital Trusts As QSSTs8-39
  • § 8:7 : Electing Small Business Trusts (ESBTs)8-42
    • § 8:7.1 : Eligibility8-43
    • § 8:7.2 : Permissive Current Beneficiaries8-45
    • § 8:7.3 : Counting Shareholders8-47
    • § 8:7.4 : The ESBT Election8-51
    • § 8:7.5 : Loss of the Election8-54
    • § 8:7.6 : Tax Ramification of an ESBT Election8-56
    • § 8:7.7 : Comprehensive Example8-63
  • § 8:8 : Conversion of QSSTs to ESBTs and ESBTs to QSSTs8-65
    • § 8:8.1 : Conversion of QSSTs to ESBTs8-65
    • § 8:8.2 : Conversion of ESBTs to QSSTs8-66
  • § 8:9 : Section 1362(f) Relief8-67
Chapter 9: Certain Income Tax Effects of Using Revocable Trusts
  • § 9:1 : Overview9-1
  • § 9:2 : Income Tax and Other Effects of Revocable Trusts During Lifetime9-2
  • § 9:3 : Postmortem Income Tax Effects of Revocable Trusts9-5
Chapter 10: The Audit Program of the Internal Revenue Service of Fiduciary Income Tax Returns; and Appendices 10A-10B
  • § 10:1 : Background10-1
  • § 10:2 : Primary Issues9-2
  • § 10:3 : Auditing Procedures10-8
  • § 10:4 : Conclusion10-8
  • Exhibit 10A : 1041 WorksheetEx. 10A-1
  • Exhibit 10B : Checklist for Fiduciary Income Tax Pick-UpsEx. 10B-1
  Appendices
Appendix A: Internal Revenue Code Sections 641–691
Appendix B: Subchapter J Treasury Regulations
Appendix C: Subchapter J Proposed Regulations
Appendix D: Treas. Reg. § 1.1361-1 on S Corporations
  Table of Authorities
  Index

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