by CCH Tax Law Editors
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| Lowest New Price: | $55.00 |
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Product Description
Taxpayers die, but liability for their unpaid taxes remains. Someone must compute tax liability for the deceased taxpayer, file the decedent's final income tax return, and pay the taxes (or claim refunds) due. At the death of the decedent, a separate taxable entity--the decedent's estate--is created. The estate is liable for the tax on the income received during the period of its administration. In addition, trusts created by the decedent's will are taxed as separate entities. CCH's Federal Income Taxes of Decedents, Estates and Trusts (22nd Edition) provides concise, plain-English coverage of these issues and more. It presents the fundamental rules for preparing a decedent's final income tax return and highlights the income tax rules for the decedent's estate and related trusts. Also covered are the special rules regarding the taxation of grantor trusts and bankruptcy estates. Fiduciary duties, including liability for filing a return and paying any taxes due on behalf of the estate or trust, are also thoroughly discussed. Examples illustrating these rules are provided throughout. Among the subjects covered in this quick answer reference are:
- Decedent's last return
- Death of a partnership member
- Decedent's stock holdings
- Income tax return of estate or trust
- Grantor trusts
- Beneficiary's tax liability
- Bankruptcy estates
- Fiduciary duties and liabilities Latest changes to the Internal Revenue Code, as well as new regulations, rulings and cases, are reflected throughout the text through date of publication.
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Average Customer Review:
1 of 1 people found the following review helpful:
All I Needed to Know about Death and Taxes, 2007-03-01
I make some spare change preparing taxes but found myself perplexed with the IRS codes when asked to prepare the final return and then estate returns for a client whose father had passed away. The IRS publication on the subject was quite vague and sent me searching for a reference book that was neither a simplistic discussion aimed at helping the elderly understand their estate lawyer or an 800-page accounting tome for passing the CPA. This book is not a step by step manual but is well written and easy to understand for someone fairly well acquainted with tax preparation.
2 of 2 people found the following review helpful:
Simple Answers for Complex Questions, 2006-09-14
This book, published by CCH, was used as a textbook for a college tax course. This book covers Federal Income Taxes of trusts, estates, etc. and does not provide any information on Federal Estate and gift taxes. Anyone studying financial planning, taxation, accounting, and any other related field should take a course covering trusts and estates, or should buy this book to obtain a thorough yet understandable overview of the income taxes on trusts and estates. There are only two things certain in life: death and taxes.
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