Administering Trusts in Oregon - eBook on Trusts and Tax Issues (2018)

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 407.18EB08&17
 
SUMMARY
These chapters are excerpted from the 2018 Edition of Administering Trust in OregonPDF Download - After purchase go to My Content to retrieve your digital file(s).
DESCRIPTION

Chapter 8
TAX ASPECTS OF TRUST ADMINISTRATION
Walker R. Clark
Eric J. Wieland

§ 8.1 INTRODUCTION

§ 8.2 ESTATE TAXATION OF TRUSTS

§ 8.2-1 Valuation
§ 8.2-2 Includable Trust Interests
§ 8.2-3 Deductible Trust Interests
§ 8.2-4 Portability

§ 8.3 GIFT TAX CONSIDERATIONS

§ 8.3-1 General Rule
§ 8.3-2 Trust Transfers
§ 8.3-3 Gift Tax Consequences to Holders of Powers of Appointment
§ 8.3-4 Nonqualified Disclaimers

§ 8.4 GENERATION-SKIPPING TRANSFER TAX

§ 8.4-1 General Rule
§ 8.4-2 Definitions
§ 8.4-3 Rate of GST Tax
§ 8.4-4 Exemptions

§ 8.5 OREGON ESTATE TAX CONSIDERATIONS

§ 8.5-1 The Disconnect from the Applicable Exclusion Amount
§ 8.5-2 The Effect of the GAP

§ 8.6 GRANTOR TRUSTS

§ 8.6-1 Characteristics of Grantor Trusts
§ 8.6-2 Reversionary Interests
§ 8.6-3 Power to Control Beneficial Enjoyment
§ 8.6-4 Retained Administrative Powers
§ 8.6-5 Power to Alter, Amend, or Revoke
§ 8.6-6 Income for Benefit of Settlor
§ 8.6-7 Persons Other Than Settlor Treated as Substantial Owners
§ 8.6-8 Foreign Trusts
§ 8.6-9 Qualified Subchapter S Trusts
§ 8.6-10 Electing Small Business Trusts
§ 8.6-11 Revocable Living Trusts

§ 8.7 NONGRANTOR IRREVOCABLE TRUSTS

§ 8.7-1 Term Trusts under IRC § 2503(b)
§ 8.7-2 Present-Interest Gifts
§ 8.7-3 IRC § 2503(c) Trusts for Minors
§ 8.7-4 Crummey Trusts

§ 8.8 THE IRREVOCABLE LIFE INSURANCE TRUST

§ 8.8-1 Acquisition of Insurance
§ 8.8-2 Valuation of Policies

§ 8.9 INTER VIVOS QTIP TRUSTS

§ 8.9-1 Distributions
§ 8.9-2 Grantor-Retained Income Trusts and Personal Residence Trusts

§ 8.10 OTHER TAX CONSIDERATIONS

§ 8.10-1 Simple versus Complex Trusts
§ 8.10-2 Exemptions for Trusts
§ 8.10-3 Distributable Net Income
§ 8.10-4 Deductions for Distributions to Simple Trust Beneficiaries
§ 8.10-5 The 65-day Election
§ 8.10-6 Character of Distributions
§ 8.10-7 Itemized Deductions and the 2 Percent Floor
§ 8.10-8 Excess Deductions in Year of Termination
§ 8.10-9 Nontaxable Distributions of Corpus
§ 8.10-10 Income in Respect of a Decedent
§ 8.10-11 Allocation among Beneficiaries
§ 8.10-12 Installment Obligations
§ 8.10-13 Alternative Minimum Tax
§ 8.10-14 Estimated Taxes for Trusts

Chapter 17
TAX ISSUES IN POSTMORTEM ADMINISTRATION
Emily V. Karr
Susan B. Bock

§ 17.1 SCOPE

§ 17.2 NOTICE TO IRS OF FIDUCIARY RELATIONSHIP

§ 17.3 FIDUCIARY INCOME TAX

§ 17.3-1 Election by Trustee
§ 17.3-2 Termination of Trust
§ 17.3-3 Advantages of Treating Trust as Terminated
§ 17.3-4 Administrative Trust
§ 17.3-5 Elect a Fiscal Year for the Trust
§ 17.3-6 Employer Identification Number
§ 17.3-7 Tax Year
§ 17.3-8 Estimated Payments
§ 17.3-9 Minimize Tax Liability
§ 17.3-10 Filing Threshold
§ 17.3-11 Due Dates and Filing
§ 17.3-12 Extensions

§ 17.4 FEDERAL ESTATE TAX

§ 17.4-1 Generally
§ 17.4-2 Executor
§ 17.4-3 Priority to Act as Statutory Executor
§ 17.4-4 Federal Estate Tax Duties of an Executor
§ 17.4-5 Federal Estate Tax Return
§ 17.4-6 Portability
§ 17.4-7 Who Must File Return
§ 17.4-8 Liability of Statutory Executor
§ 17.4-9 Release from Personal Liability
§ 17.4-10 Due Date
§ 17.4-11 Extension of Time to File
§ 17.4-12 Payment of Tax
§ 17.4-13 Creation of Qualified Domestic Trust
§ 17.4-14 Reformation of Defective Charitable Lead Trusts or Charitable-Remainder Trusts
§ 17.4-15 Basis Reporting

§ 17.5 OREGON ESTATE TRANSFER TAX RETURN

§ 17.5-1 Authority of Trustee to File
§ 17.5-2 Due Date and Extension
§ 17.5-3 Amended Return
§ 17.5-4 Oregon Estate Tax
§ 17.5-5 Gifting
§ 17.5-6 Oregon Special Marital Property (OSMP) and Oregon Only QTIP Elections
§ 17.5-7 Oregon Estate Tax Return Filing Requirement
§ 17.5-8 Mechanics of Filing
§ 17.5-9 Separate Oregon Deductions

§ 17.6 GENERATION-SKIPPING TRANSFER TAX

§ 17.6-1 Generally
§ 17.6-2 Duties Regarding GST
§ 17.6-3 Executor for GST Tax Purposes
§ 17.6-4 Allocation of Remaining GST Exemption
§ 17.6-5 Election to Treat Decedent as Transferor
§ 17.6-6 Payment of Tax and Reporting Requirements
§ 17.6-7 Notification to Trustee
§ 17.6-8 Fixing Mistakes

§ 17.7 GIFT TAX

§ 17.7-1 Return Requirement
§ 17.7-2 Consent to Split Gifts
§ 17.7-3 Authority to Sign the Gift Tax Return or to Split Gifts
§ 17.7-4 Liability for Payment of Gift Tax
§ 17.7-5 Discharge of Liability
§ 17.7-6 Due Date of Return

§ 17.8 DECEDENT’S INCOME TAX LIABILITY

§ 17.8-1 Authority to File on Behalf of a Decedent
§ 17.8-2 Joint Return
§ 17.8-3 Period Covered and Due Date
§ 17.8-4 Is a Return Required?
§ 17.8-5 Extensions for Time to File Return
§ 17.8-6 Mechanics of Filing Return
§ 17.8-7 Estimated Tax Payments
§ 17.8-8 Refund of Decedent’s Tax
§ 17.8-9 Request for Prompt Assessment of Tax
§ 17.8-10 Discharge of Liability

§ 17.9 INCOME TAX ELECTIONS

§ 17.9-1 Election of Where to Deduct Administrative Expenses
§ 17.9-2 Determine How to Deduct Medical Expenses Paid after Date of Death
§ 17.9-3 Election to Accelerate Recognition of Income
§ 17.9-4 Determine Decedent’s Share of Partnership Income and Deduction Items for Short Year Ending at Death
§ 17.9-5 S Corporation Income Allocation Election
§ 17.9-6 Partnership Basis Elections

§ 17.10 DISCLAIMERS

§ 17.10-1 Disclaimer of Interest in Trust
§ 17.10-2 Effect of Disclaimer
§ 17.10-3 Gift Tax Consequences of Disclaimers
§ 17.10-4 Property Must Pass without Disclaimant’s Direction
§ 17.10-5 Partial Disclaimers Permissible
§ 17.10-6 Failed Disclaimers under ORS May Qualify under IRC
§ 17.10-7 Qualified Disclaimer as Postmortem Planning Tool

§ 17.11 DISTRIBUTIONS

§ 17.11-1 Generally
§ 17.11-2 Satisfaction of Specific Bequests
§ 17.11-3 Funding Shares
§ 17.11-4 Fractional Formula Devises
§ 17.11-5 Pecuniary Formula Devises

§ 17.12 ALLOCATION OF ESTATE TAXES

§ 17.12-1 Generally
§ 17.12-2 Oregon Law
§ 17.12-3 Federal Law
§ 17.12-4 Apportionment Issues—Oregon Law
§ 17.12-5 Intra-Residuary Apportionment
§ 17.12-6 Source of Funds
§ 17.12-7 Other Issues
§ 17.12-8 Reimbursement Issues—Federal Law
§ 17.12-9 Miscellaneous Issues