[mitchmatch]

Does any one have a good summary, explanation, notes, anything of the sort about trust and estates. The topic is so confusing and its one of the only ones that i have not been able to make any sense of. Anything thing would be greatly appreciated!!

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[EuroAddict]

Can you narrow it down for us? It's a pretty broad topic. I too am not 100% confident in it.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[mitchmatch]

Ok particularly dni vs taxable income. I get so confused when they discuss allocable to corpus verses not.

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[OlintoJr]

Capital gains are allocable to corpus (unless specifically stated otherwise). Corpus is essentially the “principal”.

DNI – is as it's name suggests. It is all income that can be distribute from the estate/trust. This means gross trust income, less all (whether allocable to corpus or not) expenses, less all income that is allocable to corpus(as this must stay in the trust).

Taxable income TO THE TRUST – is all taxable income that remains in the trust (not distributed)

Taxable income to the beneficiary – is all taxable income that IS distributed to the beneficiary.

Income distribution deduction – Is the deduction to the trust for all income that is distributed (remember the trust is only taxed on income it keeps). This is limited to DNI (because any distributions in excess of DNI are distributions of principal) and does not include tax exempt income (because you cant deduct something that isn't taxed to begin with)

FAR - 11/30/14 -79
AUD - 2/19/15 -86
BEC - 4/09/15 -86
REG - 11/30/15 -87

I'M DONE! ITS OVER! WOOOOOOO!!!!!!!

[Author]

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