Estate and trust counsel should always draft trust documents with a view toward clearly delineating between income and principal in a trust document. This is particularly critical in structuring those provisions that define and allocate DNI. Trust distributions are generally taxed at the beneficiary level, and drafters should always be mindful to include in DNI all income that can be passed through to beneficiaries with a lower tax impact than if retained within the trust.
This is also true for trusts that anticipate significant capital gains. Lower overall taxes will often be achieved if capital gains are included in DNI rather than added to the corpus amount.
Listen as our experienced panel provides comprehensive and practical details on drafting trust documents to minimize income tax consequences by including capital gains into DNI and other drafting practices for income tax minimization
Outline
- Default capital gains treatment inclusion in the corpus
- Treas. Reg. Section 643(a)-3(b) provisions for including cap gains in DNI
- The instrument provides for inclusion in income
- Allocated to corpus but treated as a distribution
- Actually distributed
- Push-out provisions and prioritizing distributions
- Use of Section 678 withdrawal powers
- Non-tax considerations
- Drafting provisions for income tax minimization
The Speaker will review these and other key issues:
- What are the general requirements of IRC 643 on treatment of capital gains and FAI?
- How can the trust document be structured--and interpreted--to allow the inclusion of capital gains in DNI?
- What are local and state provisions that may allow capital gains inclusion in DNI?
- Income push-out provisions
- What are best practices for income tax minimization on trust accumulation?
- How to properly consider available tax elections.
Discussion Highlights
- Case Studies: Real-world examples of DNI-driven drafting.
- Audit Triggers: How the IRS scrutinizes trust income allocations.
- Q&A: Addressing complex scenarios (e.g., CRT drafting, state tax variations).
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00110-25-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Speaker Profile:
Robert S. Barnett, JD, Masters (Taxation), CPA, is a founding partner at Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law, in Syosset, New York. His practice areas include business tax planning, estate planning, tax dispute resolution, and Tax Court representation.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00110-25-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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Robert S. Barnett
Robert S. Barnett, JD, Masters (Taxation), CPA., is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law, and charitable planning.
Mr. Barnett frequently assists clients in structuring financial transactions, charitable gifts and applies creative and... read more
