Income Tax Consequences of Funding a Bequest: Specific, Pecuniary, and Residuary Distributions
A live 110-minute CPE webinar with interactive Q&A
This course will explain the taxation of distributed assets and whether the distribution carries out DNI (distributable net income) to the beneficiary for fiduciaries and estate tax advisers. Our panel of fiduciary tax veterans will analyze specific, formula, and residuary bequests made to individuals and trusts to determine how the estate and its heirs are taxed.
Outline
- Funding bequests introduction
- Types of distributions
- Distributions and DNI
- Capital gains
- Holding period
- Distribution of substituted property
- Basis of assets
- Marital trusts
- Other considerations
Benefits
The panel will cover these and other critical issues:
- Which distributions carry out DNI?
- When should an election be made under Section 643(e)(3) for recognition of gain by a trust or estate?
- How is the basis in appreciated assets determined by the beneficiary?
- When is a pecuniary bequest not taxable to a beneficiary?
- What are the three funding approaches outlined in Revenue Procedure 64-19 for marital pecuniary bequests?
Faculty
Vincent Aiello
Of Counsel
Spencer Fane
Mr. Aiello helps business owners solve legal problems to secure revenue flow and reduce business risks. As a lawyer and... | Read More
Mr. Aiello helps business owners solve legal problems to secure revenue flow and reduce business risks. As a lawyer and business owner he has firsthand experience handling complex commercial litigation and transactional matters for his clients. Mr. Aiello's client base spans a broad spectrum of businesses including household-name consumer brands, banks, construction companies and family ventures. As legal counsel he advises personal family foundations on managing and protecting their wealth. While each of Mr. Aiello's clients may take on a unique shape or size, they all face complex legal and business challenges, which is precisely where he has focused his commercial legal practice.
Close
S. Gray Edmondson
Partner
Edmondson Sage Allen
Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions including mergers... | Read More
Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions including mergers and acquisitions; business planning; tax controversy; estate and wealth transfer planning; probate; estate and trust litigation; asset protection; and charitable planning. He has conducted, authored, and directed numerous seminars for professional, academic, and civic groups on taxation, business, asset protection and estate planning. Mr. Edmondson works closely with clients to develop and implement such strategies.
Close
Neal B. Jannol
Attorney
Law Offices of Neal B. Jannol
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more... | Read More
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. His experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California and is a Certified Specialist in Estate Planning, Trust & Probate Law. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.
CloseEarly Discount (through 10/11/24)
CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event.
See
NASBA details.
Cannot Attend November 4?
Early Discount (through 10/11/24)
CPE credit is not available on downloads.
CPE On-Demand