CPAs and other accounting and tax professionals are faced with the unique income tax provisions related to trusts and estates. This article
- Summarizes the general rules related to the income taxation of estates and trusts.
- Highlights the impact of different legal authorities applicable to trusts.
- Discusses issues related to some special trust and estate entities, namely, grantor trusts, pooled income funds, qualified subchapter S trusts (QSSTs), electing small business trusts (ESBTs), bankruptcy estates, and foreign trusts.