Description
Describes different types of taxes that estates and trusts are subject to and how the various entities are taxed. Explains taxation associated with grantor, charitable, estate, and nongrantor trusts, as well as private foundations and public charities. Identifies income tax deductions available to individuals, trusts, and estates. Defines trust accounting income and explains distribution deduction for simple and complex trusts and distributable net income (DNI). Describes the distribution deduction for simple trusts and complex trusts and estates.
What You’ll Learn
After completing this course, students will be able to:
- Identify the types of taxes and how entities are taxed
- Describe the general tax rules and concepts for grantor, tax-exempt charitable, estate, and irrevocable trusts
- Explain how income tax deductions play a key role in tax planning
- Determine the tax treatment of beneficiaries for simple and complex trusts
