This three-hour course examines the Federal income taxation of estates, trusts, grantors, and beneficiaries, as prescribed by Subchapter J of the Internal Revenue Code. In particular, this course focuses on how the income taxation of estates and trusts differs from that of individuals. Central topics include distributable net income (DNI), the distribution deduction, the grantor trust rules, and income in respect of a decedent (IRD).
This is an advanced course that assumes familiarity with basic principles of Federal income taxation. Therefore, each student who enrolls in this course must already have completed FIT or have had substantially comparable training or experience. Students may not satisfy this requirement by taking FIT simultaneously. Students should also have taken or currently be taking Wills and Estates.
This course is to be distinguished from Federal Estate and Gift Tax, which does not involve income taxation, but, instead, the taxation of wealth transfers.
Prereq: Law 254J, 354J, 454J, or 554J (Federal Income Taxation)
Prerequisite/co-requisite: Wills and Estates.
Textbooks ( * denotes required )
Federal Estate & Gift Taxes: Code & Regulations, Including Related Income Tax Provisions
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Ascher, Mark L 