LAW 332 - Income Taxation of Trusts and Estates.

This course will examine the special income tax rules pertaining to the taxation of trusts, estates, decedents, grantors, and estate and trust beneficiaries. The course will introduce the student to the mechanics of allocating the tax burden on income earned by a trust or estate between the entity and its beneficiaries. The student will also study the concept of income in respect of a decedent; the special rules that allocate income between a decedent and his or her estate; the post-mortem planning opportunities associated with the income taxation of estate distributions; and the special rules that sometimes cause the grantor or the beneficiary of a trust to be treated as the owner of the trust income or corpus for income tax purposes. Two hours. Danforth Pre- or co-requisites: Federal Income Taxation of Individuals and Decedents’ Estates and Trusts. Not offered in 2019-2020.