Calculating Trust Accounting Income Under Uniform Principal and Income Act and Uniform Fiduciary Income and Principal Act
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with an in-depth exploration of the fiduciary income calculations and determinations contained in the Uniform Principal and Income Act (UPIA). The panel will detail how to apply UPIA provisions to differentiate between corpus and income and identify trust provisions that can create challenges in allocating trust accounting income (TAI) under UPIA terms.
Outline
- Importance of principal and income allocation and basics
- State adoption of UPIA and UFIPA
- Ordering rules
- Where a trust instrument may deviate from UPIA or UFIPA treatment
- UPIA Rules
- UFIPA Rules
- Capital gains allocated to income
- Power to adjust under UPIA
- UPIA provisions dealing with specific assets and payment streams
Benefits
The panel will discuss these and other essential questions:
- Default UPIA provisions on treatment of bond and financial instrument periodic income and sales proceeds
- Reconciling trust operating documents with UPIA provisions for TAI calculations
- Interpreting UPIA provisions in circumstances where operating documents are silent or inconclusive
- UPIA approach to timing and character of the distribution amount
Faculty
![Gadarian, Gregory](/img/t/188551baebfebea78f80d6aef30e0844.jpg)
Gregory V. Gadarian
Partner
Gadarian & Cacy
Mr. Gadarian's practice focuses on tax strategy, estate planning and asset protection law. Previously, he was a... | Read More
Mr. Gadarian's practice focuses on tax strategy, estate planning and asset protection law. Previously, he was a Legislation Attorney on the staff of the Joint Committee on Taxation, U.S. Congress. Before that, he was an Attorney-Advisor to Judge Cynthia H. Hall of the U.S. Tax Court. He is the former Arizona State Chair of the American College of Trust and Estate Council, and is an Adjunct Professor at the University of Arizona College of Law.
Close![Schlereth, Michele](/img/t/176eae7cae7c7f4bd89fbf929d2256d4.jpg)
Michele Schlereth, Esq., CPA, MST
Founding Partner
Falcon Rappaport & Berkman
Ms. Schlereth advises clients regarding all aspects of taxation with a concentration in trusts and estates. Her areas... | Read More
Ms. Schlereth advises clients regarding all aspects of taxation with a concentration in trusts and estates. Her areas of expertise include, but are not limited to succession planning including estate and gift, trust, private foundation, individual, small businesses, and investment partnerships. She is also responsible for high net worth families' business, individual, trust, foundation, and gift tax returns.
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