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Blattmachr on Income Taxation of Estates and Trusts
(15th Edition)
 by Jonathan G. Blattmachr, F. Ladson Boyle
 
 Copyright: 2007-2012
 Last Updated: September 2012

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  • ISBN Number: 9781402409769
  • Page Count: 953
  • Number of Volumes: 1
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PLI’s Blattmachr on Income Taxation of Estates and Trusts 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 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 is an indispensable resource for estate and tax planners, accountants, and general practitioners involved in estate and tax planning.

  Preface to the Fifteenth Edition
Chapter 1: Types of Trusts
Chapter 2: Decendent'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)2-7
    • § 2:3.1 : Section 691(a)(1)—Inclusion in Income2-7
    • § 2:3.2 : Section 691(a)(2)—Disposition of the Right to IRD Items2-20
    • § 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 Tax3-60
      • [L] : Section 1031 Like-Kind Exchanges3-63
      • [M] : Section 199 Deduction for Income Attributable to Domestic Production Activities3-64
      • [N] : Disposition of Installment Obligations3-66
      • [O] : Disposition of Real Property by a Nonresident Alien or a Foreign Corporation Owned Through an Estate or Trust3-66
    • § 3:2.2 : Beneficiaries3-67
  • § 3:3 : “Income” and “Distributable Net Income”3-70
    • § 3:3.1 : “Income”3-70
    • § 3:3.2 : “Distributable Net Income”3-77
      • [A] : Distribution Deduction3-79
      • [B] : Personal Exemption3-79
      • [C] : Capital Gains and Losses3-80
      • [D] : Capital Gains and Pooled Income Funds3-92
      • [E] : Taxable Extraordinary Dividends or Taxable Stock Dividends of Simple Trusts3-95
      • [F] : Tax-Exempt Income Under Section 103, Less Related Expenses3-95
      • [G] : Foreign Trust Adjustments3-96
      • [H] : Delegation of Authority to Issue Regulations3-96
      • [I] : Charitable Deduction Modification to DNI3-97
      • [J] : Income in Respect of a Decedent and DNI3-97
      • [K] : Income of Electing Small Business Trust (ESBT)3-97
    • § 3:3.3 : Character of Income Distributed3-98
  • § 3:4 : “Simple” and “Complex” Trusts3-103
  • § 3:5 : Deductions for Distributions; Inclusions by Beneficiaries3-104
    • § 3:5.1 : Amounts That Are Treated As Distributed3-104
      • [A] : Meaning of “Required to Be Distributed Currently”3-107
      • [B] : Meaning of “Other Amounts Properly Paid, Credited, or Required to Be Distributed”3-113
      • [C] : Indirect Payments3-116
    • § 3:5.2 : Tier System3-118
    • § 3:5.3 : Separate Shares3-123
    • § 3:5.4 : Nontaxable Corpus Distributions3-134
    • § 3:5.5 : Sixty-Five-Day Rule and Delayed Income Distributions3-137
    • § 3:5.6 : Taxable Corpus Distributions and the Section 643(e) Election3-138
  • § 3:6 : Throwback Rule3-142
    • § 3:6.1 : Purpose and Operation of the Rule3-142
    • § 3:6.2 : Distributions Exempted from the Operation of the Rule3-143
    • § 3:6.3 : “Accumulation Distribution” and “Undistributed Net Income”3-145
    • § 3:6.4 : Beneficiaries’ Taxes3-146
  • § 3:7 : Returns and Other Filing Requirements3-150
    • § 3:7.1 : Filing Requirements3-150
    • § 3:7.2 : Statute of Limitations3-156
    • § 3:7.3 : Tax Years for Noncharitable Trusts and Estates3-157
    • § 3:7.4 : Multiple Trusts3-160
    • § 3:7.5 : Estimated Payments of Income Tax3-165
  • § 3:8 : Election for a Trust to Be Taxed As Part of an Estate3-167
  • § 3:9 : Termination of Estates and Trusts3-175
Chapter 4: Grantor Trusts
  • § 4:1 : Introduction4-3
    • § 4:1.1 : Overview4-3
    • § 4:1.2 : History4-5
    • § 4:1.3 : Intentional Grantor Trusts—The Big Picture4-7
  • § 4:2 : General Rules4-12
    • § 4:2.1 : Who Is a Grantor?4-12
    • § 4:2.2 : Portion Rule4-18
    • § 4:2.3 : Tax Year4-21
    • § 4:2.4 : Definitions4-21
      • [A] : Adverse Party and Non-Adverse Party4-21
      • [B] : Related or Subordinate Party4-27
      • [C] : Powers Subject to a Condition Precedent4-28
      • [D] : Powers and Interest of the Grantor’s Spouse4-28
      • [E] : Foreign Trust Limitation4-29
  • § 4:3 : Revocable Trusts—Trusts in Which the Grantor Has Retained a Beneficial Interest or Power—Sections 676 and 6734-29
    • § 4:3.1 : Grantor Trust Status4-32
  • § 4:4 : Trusts with Income for Benefit of Grantor or Spouse4-32
    • § 4:4.1 : Discretionary Distribution of Income to Grantor or Spouse4-33
      • [A] : Grantor Trust Status4-37
    • § 4:4.2 : Accumulation of Income for Future Distribution to Grantor or Spouse4-39
    • § 4:4.3 : Satisfaction of Legal Obligations of Grantor or Spouse4-42
      • [A] : Grantor Trust Status4-45
    • § 4:4.4 : Insurance Trusts4-45
      • [A] : Grantor Trust Status4-49
  • § 4:5 : Other Grantor Trusts4-49
    • § 4:5.1 : Reverter to Grantor4-51
      • [A] : Grantor Trust Status4-55
    • § 4:5.2 : Control Over Beneficial Interests4-55
      • [A] : Powers Permitted to Be Held by Anyone4-56
      • [B] : Powers of Independent Trustee4-63
      • [C] : Reasonably Definite External Standard Sprinkle Powers4-67
      • [C][1] : Grantor Trust Status4-69
      • [D] : Power to Add Beneficiaries—Grantor Trust Status4-70
      • [E] : Summary of “Viable” Choices for Causing Grantor Trust Status Under Section 6744-75
    • § 4:5.3 : Administrative Control for Benefit of Grantor4-76
      • [A] : Section 675(1)—Power to Deal with Trust Assets for Less Than Full and Adequate Consideration4-78
      • [B] : Section 675(2)—Specific Power of Grantor to Borrow Trust Assets Without Adequate Security or Adequate Interest—Grantor Trust Status4-79
      • [C] : Section 675(3)—Actual Borrowing of the Trust Assets by the Grantor—Grantor Trust Status4-81
      • [D] : Section 675(4)—Administrative Powers4-83
      • [E] : Section 675(4)(A) and (B)—Powers Over Closely Held Stock—Grantor Trust Status4-85
      • [F] : Section 675(4)(C)—Power Exercisable in a Nonfiduciary Capacity to Reacquire Assets by Substituting Assets of Equivalent Value—Grantor Trust Status4-86
      • [G] : Summary of Powers to Cause Grantor Trust Status Under Section 6754-100
    • § 4:5.4 : Foreign Trust with U.S. Beneficiary4-101
      • [A] : Generally4-101
      • [B] : Grantor Trust Under Section 6794-104
    • § 4:5.5 : Taxability of Income to Person Other Than the Grantor—Section 6784-104
    • § 4:5.6 : Section 678(a) and Ascertainable Standards4-107
    • § 4:5.7 : Section 678(b) and the Definition of “Income”4-116
    • § 4:5.8 : When Section 678(b) Exception No Longer Applies4-119
      • [A] : Section 678(b) Releases and Lapses4-119
      • [B] : Section 678(b)—678 Grantor Trust Status After “True” Grantor Trust Status Ends4-124
    • § 4:5.9 : Section 678(c)—Support Exception4-125
    • § 4:5.10 : Section 678 and Spouses4-126
  • § 4:6 : Switching or Toggling Grantor Trust Status On and Off4-127
    • § 4:6.1 : Generally4-127
    • § 4:6.2 : Turning Off Grantor Trust Status4-128
    • § 4:6.3 : Turning On Grantor Trust Status4-133
    • § 4:6.4 : Tax Consequences of Toggling On and Off Grantor Trust Status4-134
  • § 4:7 : The Termination of Grantor Trust Status—Tax Consequences4-134
    • § 4:7.1 : Termination of Grantor Trust Status During the Grantor’s Lifetime4-135
      • [A] : Third-Party Indebtedness4-135
      • [B] : Grantor Indebtedness4-136
    • § 4:7.2 : Termination of Grantor Trust Status by Reason of the Grantor’s Death4-137
      • [A] : Basic Rule of No Gain at Death4-137
      • [B] : Income in Respect of a Decedent4-144
      • [C] : Trustee’s Basis4-146
  • § 4:8 : Income Tax Reporting Requirements for Grantor Trusts4-152
Chapter 5: Foreign Trusts
  • § 5:1 : Overview5-1
  • § 5:2 : History of Legislation5-2
  • § 5:3 : Definitions—Foreign Trusts, Foreign Estates5-4
    • § 5:3.1 : Foreign Trusts5-4
    • § 5:3.2 : Foreign Estates5-5
  • § 5:4 : Limitation on Application of Grantor Trust Rules to Trusts with Foreign Grantors—Section 672(f)5-7
  • § 5:5 : Grantor Trust Rule for Foreign Trust with U.S. Beneficiary—Section 6795-10
  • § 5:6 : Recognition of Gain on Transfers to Non-Grantor Foreign Trusts—Section 6845-17
  • § 5:7 : Income Taxation of Foreign Estates5-23
  • § 5:8 : Accumulation Distributions and Interest Charge on Accumulation Distributions from Foreign Trusts5-24
  • § 5:9 : Foreign Trust Reporting Requirements5-26
  • § 5:10 : Loans from Foreign Trusts5-28
  • § 5:11 : Indirect Distributions5-29
  • § 5:12 : Withholdings at the Source5-31
Chapter 6: Special Trusts
  • § 6:1 : Common Trust Funds6-1
  • § 6:2 : Alimony Trusts6-2
    • § 6:2.1 : Post-1983 Rules—Revised Section 682 Trusts6-2
    • § 6:2.2 : Pre-1984 Rules—Section 71 and Section 682 Trusts6-3
  • § 6:3 : Trusts Taxable As Corporations6-6
  • § 6:4 : Charitable Remainder Trusts6-10
    • § 6:4.1 : General Overview6-10
    • § 6:4.2 : Taxation of Distributions to Beneficiaries6-17
  • § 6:5 : Charitable Lead Trusts6-21
  • § 6:6 : Pooled Income Funds6-26
Chapter 7: Trusts As S Corporation Shareholders
  • § 7:1 : S Corporation Eligibility7-2
  • § 7:2 : Trust Ownership of S Stock7-6
  • § 7:3 : Subpart E Trusts (Grantor Trusts)7-9
  • § 7:4 : Two-Year Trusts, Testamentary Trusts and Section 645 Trusts7-11
  • § 7:5 : Voting Trusts7-17
  • § 7:6 : Qualified Subchapter S Trusts (QSSTs)7-17
    • § 7:6.1 : One Current Income Beneficiary per QSST7-17
    • § 7:6.2 : Income Distribution Requirement7-25
    • § 7:6.3 : The QSST Election7-28
      • [A] : Making the Election7-28
      • [B] : Death of a QSST Beneficiary7-34
      • [C] : Disqualification As a QSST7-36
    • § 7:6.4 : Income Tax Effect of the QSST Election7-37
    • § 7:6.5 : Marital Trusts As QSSTs7-39
  • § 7:7 : Electing Small Business Trusts (ESBTs)7-42
    • § 7:7.1 : Eligibility7-42
    • § 7:7.2 : Permissive Current Beneficiaries7-45
    • § 7:7.3 : Counting Shareholders7-47
    • § 7:7.4 : The ESBT Election7-50
    • § 7:7.5 : Loss of the Election7-53
    • § 7:7.6 : Tax Ramification of an ESBT Election7-55
    • § 7:7.7 : Comprehensive Example7-62
  • § 7:8 : Conversion of QSSTs to ESBTs and ESBTs to QSSTs7-64
    • § 7:8.1 : Conversion of QSSTs to ESBTs7-64
    • § 7:8.2 : Conversion of ESBTs to QSSTs7-65
  • § 7:9 : Section 1362(f) Relief7-67
Chapter 8: Certain Income Tax Effects of Using Revocable Trusts
  • § 8:1 : Overview8-1
  • § 8:2 : Income Tax and Other Effects of Revocable Trusts During Lifetime8-2
  • § 8:3 : Postmortem Income Tax Effects of Revocable Trusts8-5
Chapter 9: The Audit Program of the Internal Revenue Service of Fiduciary Income Tax Returns
  • § 9:1 : Background9-1
  • § 9:2 : Primary Issues9-2
  • § 9:3 : Auditing Procedures9-8
  • § 9:4 : Conclusion9-8
  • Exhibit 9A : 1041 WorksheetEx. 9A-1
  • Exhibit 9B : Checklist for Fiduciary Income Tax Pick-UpsEx. 9B-1
Chapter 10: Appendix A: Internal Revenue Code Sections 641-691
Chapter 11: Appendix B: Subchapter J Treasury Regulations
Chapter 12: Appendix C: Subchapter J Proposed Regulations
Chapter 13: Appendix D: Treas. Reg. Section 1.1361-1 on S Corporations
Chapter 14: Table of Authorities
Chapter 15: Index to Blattmachr on Income Taxation of Estates and Trusts

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