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BNA Tax Portfolio Discusses Income Taxation of Trusts and Estates

NEWS RELEASE

Contacts:
Mark Carrington
(202) 530-1728

Washington, DC (August 2, 2007) – BNA®, publisher of the authoritative and universally recognized Tax Management Portfolios, has released the latest addition to the Estates, Gifts, and Trusts series, Portfolio 852-3rd, Income Taxation of Trusts and Estates.

This portfolio covers the federal income taxation of estates and trusts, which is generally covered in Subchapter J of the IRC.  It covers both testate and intestate estates, inter vivo trusts and testamentary trusts. It includes consideration of: (1) the theory and overview of subchapter J; (2) a working definition of estates and trusts; (3) general taxation rules; and (4) special rules for estates and trusts.

Practical application of these rules is provided throughout the analysis.

The Portfolio explains the implementation of the general income tax theory which imposes a tax on the income earned from gifts and devices, but not the gifts and devices themselves. It also discusses the concepts unique to Subchapter J applicable to estates and trusts such as distributable net income as a qualitative and quantitative measure for allocating income between the estate or trust and its beneficiaries.  The Portfolio contrasts estates and trusts with other entities such as corporations and associations, and with other relationships, such as agency relationships and debtor-creditor relationships. Consideration is also given to when an estate or trust begins and ends for federal income tax purposes.

The Portfolio also addresses the repeal of the throwback rules, the election to treat the decedent’s revocable trust as part of the decedent’s estate, and the simplified taxation available for pre-need funeral trusts, as well as the impact of related IRS regulations.

This Portfolio may be cited as Acker, 852-3rd T.M., Income Taxation of Trusts and Estates.

Alan Acker is a solo practitioner focusing his law practice in the areas of estate planning, income taxation of trusts and estates, and probate. Acker, an adjunct professor at Capital University Law School in Ohio, is a frequent lecturer for Ohio Continuing Legal Education and other professional groups. He was named by his peers as one of the 100 Super Lawyers® in Ohio in 2005;  one of the top 100 estate planning lawyers in the country by Worth Magazine in the same year, and was awarded the Outstanding Discussion Leader by the Virginia Society of CPAs in 1991. Prof. Acker, one of few authors named Distinguished Author by Tax Management Inc., has written five portfolios amd numerous tax and legal articles on such subjects as Flexible Irrevocable Trusts, Fixing the Broken Trust, and Death Bed Tax Planning.

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About BNA®
BNA is a leading publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 350 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.

For more information, contact Mark Carrington, BNA Tax & Accounting, at 202.530.1728.