Preparing Fiduciary Income, Gift, and Estate Tax Returns
Two comprehensive tax guides in a single publication
- Product Number: 2233073WFM
- Publication Date: 9/27/2022
- Edition: 3rd Edition 2022
- Copyright: © 2022 MCLE, Inc.
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Product Description
Product Description
Preparing Fiduciary Income, Gift, and Estate Tax Returns combines the resources of two earlier MCLE publications, Preparing Fiduciary Income Tax Returns and Preparing Estate Tax Returns . The result is an expanded and highly practical resource for the latest in fiduciary income, gift, and estate tax law. Complicated tax concepts are clarified through step-by-step explanations, frequent examples, practice notes, and complete sets of tax returns.
Recent updates:
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Update: September 2022
Dear Subscriber:
Thank you for updating your reference library with the latest edition of Preparing Fiduciary Income, Gift, and Estate Tax Returns . This third edition brings developments within your immediate reach—for fast answers to the questions that arise most frequently in your practice
Highlights from this edition include
- discussion of a case that has clarified the issue as to whether a charitable deduction under Section 642(c) for donated real estate purchased out of gross income should be based on the property's fair market value (FMV) or the trust's adjusted basis in the property. The Appeals Court also addressed the definition of "gross income". The case confirms that a Section 642(c) deduction is available if the trust is able to trace the purchase of the property to the trust's taxable income at the time of the purchase.
- information on six concepts constituting distribution rules for complex trusts and estates and the allocation of DNI, i.e., the "tier system"; the separate share rule; the sixty-five-day rule under Section 663(b); specific bequests under Section 663(a)(1); the Section 645 election; and distributions in-kind under Section 643(e).
- discussion of a 2020 case that addressed the determination and calculation of the Massachusetts estate tax obligation on trust property where the first spouse to die was in a jurisdiction that allowed for a trust's QTIP election and the surviving spouse moved to Massachusetts.
- updated tax forms found in the exhibits to the chapters.
With this latest edition, Preparing Fiduciary Income, Gift, and Estate Tax Returns remains an essential companion for Massachusetts attorneys.
We at MCLE thank you for your ongoing support of this product, as we continue our efforts to bring you the latest solutions to the issues you face in your practice.
Very truly yours,
Maryanne G. Jensen, Esq., Director of Publications
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Update: September 2022
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Table of Contents
Table of Contents
expand allChapter 1 expandTransitional Issues Arising from Legislation in the Early 2000s
Buy ChapterExhibit 1A
- Sample Computations of Gift and Estate Tax to Show Potential Clawback (Using 2009 Forms) Buy FormChapter 2 expandIntroduction to Fiduciary Income Tax Returns
Buy ChapterChecklist 2.1
- Fiduciary Income Tax Checklist Buy FormChapter 3 expandLiability of Fiduciary
Buy ChapterChapter 4 expandOverview of Income Taxation of Nongrantor Trusts and Estates
Buy ChapterChapter 5 expandDecedent’s Final Income Tax Return
Buy ChapterChapter 6 expandEstate Income Tax Returns
Buy ChapterExhibit 6A
- Notice Concerning Fiduciary Relationship, Form 56 Buy FormExhibit 6B
- U.S. Income Tax Return for Estates and Trusts, Form 1041 Buy FormExhibit 6C
- Massachusetts Fiduciary Income Tax Return, Form 2 Buy FormExhibit 6D
- Application for Extension of Time to File, Form 7004 Buy FormExhibit 6E
- Application for Automatic Six-Month Extension, Form M-8736 Buy FormExhibit 6F
- Estimated Tax Worksheet, Form 1040 ES Buy FormExhibit 6G
- Estimated Tax Worksheet and Form Buy FormChapter 7 expandComputation of Taxable Income
Buy ChapterExhibit 7A
- Example of 2020 Fiduciary Income Tax Return for a Complex Trust Buy FormChapter 8 expandDistributable Net Income—What It Is and How to Calculate It
Buy ChapterExhibit 8A
- Sample Fiduciary Income Tax Return Buy FormChapter 9 expandGrantor Trusts and Reporting Options
Buy ChapterChapter 10 expandSimple Trusts
Buy ChapterChapter 11 expandComplex Trusts
Buy ChapterChapter 12 expandDistribution Deductions
Buy ChapterChapter 13 expandEffect of Distributions on Beneficiaries
Buy ChapterChapter 14 expandIncome in Respect of a Decedent and Calculating the I.R.C. § 691(c) Deduction
Buy ChapterChecklist 14.1
- Common Types of IRD Buy FormChapter 15 expandCharitable Deductions
Buy ChapterChapter 16 expandTermination of Trusts and Estates
Buy ChapterExhibit 16A
- Distributions in the Final Year Buy FormExhibit 16B
- Excess Deductions, Unused Capital Losses and NOLs in Final Year Buy FormExhibit 16C
- Beneficiaries Succeeding to the Property Buy FormExhibit 16D
- Unused Business Credits in the Year of Termination Buy FormExhibit 16E
- Unused Estimated Tax Payments Buy FormExhibit 16F
- K-1 Codes for Preceding Exhibits Buy FormChapter 17 expandMassachusetts Taxation of Trusts and Estates
Buy ChapterChapter 18 expandIrrevocable Life Insurance Trusts
Buy ChapterChapter 19 expandDeath of a Grantor or Beneficiary
Buy ChapterChapter 20 expandTaxation of Qualified Personal Residence Trusts
Buy ChapterChapter 21 expandQualified Subchapter S Trusts
Buy ChapterExhibit 21A
- Form 2553, Election by a Small Business Corporation Buy FormChapter 22 expandProcedure, Administration, and Compliance
Buy ChapterChapter 23 expandDefective Grantor Trusts
Buy ChapterChapter 24 expandPostmortem Tax Elections
Buy ChapterChapter 25 expandDeath of a Partner
Buy ChapterChapter 26 expandDeath of a Shareholder in an S Corporation
Buy ChapterChapter 27 expandThe Massachusetts Estate Tax
Buy ChapterChapter 28 expandDefining the Gross Estate
Buy ChapterChapter 29 expandValuation of the Gross Estate
Buy ChapterChapter 30 expandForm 706
Buy ChapterExhibit 30A
- Applicable Exclusion Amounts and Maximum Estate Tax Rates Buy FormChapter 31 expandForm M-706
Buy ChapterExhibit 31A
- Massachusetts Form M-706 for Estates with Dates of Death on or After January 1, 2003 Buy FormExhibit 31B
- Massachusetts Form M-NRA (Massachusetts Nonresident Decedent Affidavit) Buy FormExhibit 31C
- Massachusetts Form M-706 Revised December 2002 (for Dates of Death on or After January 1, 1997 and Prior to January 1, 2003) Buy FormChapter 32 expandChapter 33 expandExtensions of Time for Filing Estate Tax Returns and Paying Estate Tax
Buy ChapterChapter 34 expandChapter 35 expandRelease of Estate Tax Liens
Buy ChapterExhibit 35A
- Form 4422 (Application for Certificate Discharging Property Subject to Estate Tax Lien) Buy FormExhibit 35B
- Form M-706, Part 7, Real Estate Subject to a Massachusetts Estate Tax Lien Buy FormExhibit 35C
- Form M-NRA, Massachusetts Nonresident Decedent Affidavit Buy FormExhibit 35D
- Form M-4422 (for Estates of Decedents Dying on or After January 1, 2003) Buy FormExhibit 35E
- Line by Line Instructions for Form M-4422 Buy FormExhibit 35F
- REBA Title Standard No. 24 (Massachusetts Estate Tax Liens) Buy FormExhibit 35G
- Sample Affidavit for Release of Estate Tax Lien Buy FormChapter 36 expandGeneral Information Pertaining to Estate Tax Forms and Schedules
Buy ChapterChapter 37 expandChapter 38 expandChapter 39 expandSchedule C of Form 706—Mortgages, Notes, and Cash
Buy ChapterExhibit 39A
- Form 706, Schedule C Buy FormChapter 40 expandSchedule D of Form 706—Life Insurance
Buy ChapterChapter 41 expandSchedule E of Form 706—Jointly Owned Property
Buy ChapterChapter 42 expandSchedule F of Form 706—Other Miscellaneous Property
Buy ChapterChapter 43 expandSchedule G of Form 706—Transfers During the Decedent’s Life
Buy ChapterChapter 44 expandSchedule H of Form 706—Powers of Appointment
Buy ChapterExhibit 44A
- Form 706, Schedule H Buy FormChapter 45 expandChapter 46 expandSchedule J of Form 706—Funeral Expenses and Expenses Incurred in Administering Property Subject to Claims
Buy ChapterChapter 47 expandSchedule K of Form 706—Debts of the Decedent, Mortgages, and Liens
Buy ChapterExhibit 47A
- Form 706, Schedule K Buy FormChapter 48 expandSchedule L of Form 706—Net Losses During Administration
Buy ChapterExhibit 48A
- Form 706, Schedule L Buy FormChapter 49 expandSchedule M of Form 706—The Marital Deduction
Buy ChapterChapter 50 expandSchedule O of Form 706—Charitable Deductions
Buy ChapterExhibit 50A
- Form 706, Schedule O (Charitable Remainder Unitrust) (Revised 8-2013) Buy FormExhibit 50B
- Form 706, Schedule O (Property Passing as Result of Qualified Disclaimer) Buy FormExhibit 50C
- Form 706, Schedule O (Charitable Remainder Annuity Trust) Buy FormExhibit 50D
- Form 706, Schedule O (Interrelated Computations for Residue Passing to Charity) Buy FormExhibit 50E
- Form M-706, Schedule O (for Estates of Decedents Dying Prior to January 1, 1997) Buy FormChapter 51 expandSchedule P of Form 706—Credit for Foreign Death Taxes
Buy ChapterExhibit 51A
- Form 706, Schedule P Buy FormChapter 52 expandSchedule Q of Form 706—Credit for Estate Tax on Prior Transfers
Buy ChapterExhibit 52A
- Form 706, Schedule Q Buy FormChapter 53 expandSchedule R of Form 706—Generation-Skipping Transfer Tax
Buy ChapterChapter 54 expandComputation of Estate Tax
Buy ChapterChapter 55 expandInterest and Penalties Assessed with Respect to Estate Tax Returns
Buy ChapterChapter 56 expandAmended Estate Tax Returns
Buy ChapterChapter 57 expandMassachusetts Rules for Reporting Federal Estate Tax Changes
Buy ChapterChapter 58 expandAudits of Estate Tax Returns
Buy ChapterChapter 59 expandEstate Tax Closing Letters
Buy Chapter - Editors & Authors