Solution Manual for Federal Taxation 2024 Corporations, Partnerships, Estates and Trusts, 47th Edition

Solution Manual for Taxation 2024 Corporations, Partnerships, Estates and Trusts, 47th Edition

Instant Access After Placing The Order.
All The Chapters Are Included.
No Shipping Address Required.
This Is Not The Textbook. This is a Solution Manual
We recommend downloading the sample and reviewing it/them before placing your order
The files are in PDF, DOC, DOCX, or RTF format, and are protected by a zipped folder. They can be viewed on PCs, Macs, and Smart Phones.

Cover Page
Title Page
Copyright Page
General Editors
Contributing Authors
ProConnect™ Tax
Thomson Reuters Checkpoint™
Preface
Acknowledgments
Special Thanks
The South-Western Federal Taxation Series
About the Editors
Part 1. Introduction to Taxation and Business Entities
Chapter 1. Understanding and Working with the Federal Tax Law
1-1. The Whys of the Tax Law
1-1a. Revenue Needs

1-1b. Economic Considerations

1-1c. Social Considerations

1-1d. Equity Considerations

1-1e. Political Considerations

1-1f. Influence of the Internal Revenue Service

1-1g. Influence of the Courts

1-2. Summary

1-3. Reconciling Accounting Concepts

1-4. Working with the Tax Law—Tax Sources
1-4a. Statutory Sources of the Tax Law

1-4b. Administrative Sources of the Tax Law

1-4c. Judicial Sources of the Tax Law

1-4d. Other Sources of the Tax Law

1-5. Working with the Tax Law—Locating and Using Tax Sources
1-5a. Commercial Tax Services

1-5b. Using Electronic (Online) Tax Services

1-5c. Noncommercial Electronic (Online) Tax Sources

1-6. Working with the Tax Law—Tax Research
1-6a. Identifying the Problem

1-6b. Locating the Appropriate Tax Law Sources

1-6c. Assessing the Validity of Tax Law Sources

1-6d. Arriving at the Solution or at Alternative Solutions

1-6e. Communicating Tax Research

1-7. Working with the Tax Law—Tax Planning
1-7a. Nontax Considerations

1-7b. Components of Tax Planning

1-7c. Follow-Up Procedures

1-7d. Tax Planning—A Practical Application

1-8. Taxation on the CPA Examination
1-8a. Preparation Blueprints

1-8b. Regulation Section

1-8c. The 2024 CPA Exam

1-8d. Foundational Competencies Framework for Aspiring CPAs

Key Terms

Discussion Questions

Problems

Research Problems

Chapter 2. The Deduction for Qualified Business Income for Noncorporate Taxpayers
2-1. Organizational Forms in Which Business May be Conducted
2-2. Nontax Factors
2-2a. Limited Liability
2-2b. Other Factors
2-2c. Capital Formation
2-3. Tax Treatment of Various Business Forms
2-3a. Sole Proprietorships
2-3b. Partnerships
2-3c. Corporations
2-3d. Limited Liability Companies
2-4. The Challenges of Taxing Business Activities: Entity Tax Rates
2-4a. Challenges of Lowering Tax Rates
2-4b. Lowering Tax Rates for Different Business Forms
2-5. The Deduction for Qualified Business Income
2-5a. General Rule
2-5b. The Overall Limitation: Modified Taxable Income
2-5c. Definition of Qualified Business Income
2-5d. Definition of a Qualified Trade or Business
2-5e. Limitations on the QBI Deduction
2-5f. Limitation Based on Wages and Capital Investment
2-5g. Limitation for “Specified Services” Businesses
2-5h. Reporting the Qualified Business Income Deduction
2-5i. Aggregation of Qualified Trades and Businesses Under the § 199A Regulations
2-5j. Treatment of Losses
2-5k. Coordination with Other Rules
2-5l. Considerations for Partnerships and S Corporations
2-5m. Other Items in the § 199A Regulations
2-6. Tax Planning
2-6a. Corporate versus Noncorporate Forms of Business Organization
2-6b. Optimizing the Deduction for Qualified Business Income
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Part 2. Corporations
Chapter 3. Corporations: Introduction and Operating Rules
3-1. An Introduction to the Income Taxation of Corporations
3-1a. An Overview of Corporate versus Individual Income Tax Treatment
3-1b. Specific Provisions Compared
3-1c. Accounting Periods and Methods
3-1d. Capital Gains and Losses
3-1e. Recapture of Depreciation
3-1f. Business Interest Expense Limitation
3-1g. Passive Activity Losses
3-1h. Charitable Contributions
3-1i. Excessive Executive Compensation
3-1j. Net Operating Losses
3-1k. Deductions Available Only to Corporations
3-2. Determining the Corporate Income Tax Liability
3-2a. Corporate Income Tax Rates
3-2b. Alternative Minimum Tax
3-2c. Restrictions on Corporate Accumulations
3-3. Procedural Matters
3-3a. Filing Requirements for Corporations
3-3b. Estimated Tax Payments
3-3c. Schedule M–1—Reconciliation of Income (Loss) per Books with Income per Return
3-3d. Schedule M–2—Analysis of Unappropriated Retained Earnings per Books
3-3e. Schedule M–3—Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
3-3f. Effect of Taxes on the Financial Statements
3-3g. Form 1120 Illustrated
3-3h. Consolidated Returns
3-4. Tax Planning
3-4a. Corporate versus Noncorporate Forms of Business Organization
3-4b. Operating the Corporation
Key Terms
Discussion Questions
Computational Exercises
Problems
Tax Return Problems
Research Problems
Becker CPA Review Questions
Chapter 4. Corporations: Organization and Capital Structure
4-1. Organization of and Transfers to Controlled Corporations
4-1a. Section 351 Rationale and General Rules
4-1b. Property Defined
4-1c. Stock Transferred
4-1d. Control of the Corporation
4-1e. Basis Determination and Related Issues
4-1f. Assumption of Liabilities—§ 357
4-2. Capital Structure of a Corporation
4-2a. Capital Contributions
4-2b. Debt in the Capital Structure
4-3. Investor Losses
4-3a. Stock and Security Losses
4-3b. Business versus Nonbusiness Bad Debts
4-3c. Section 1244 Stock
4-4. Gain from Qualified Small Business Stock
4-5. Tax Planning
4-5a. Qualifying (or Not Qualifying) for § 351 Treatment
4-5b. Selecting Assets and Liabilities to Transfer in § 351 Transactions
4-5c. Negotiating Shares in § 351 Transactions
4-5d. Debt in the Capital Structure
4-5e. Investor Gains and Losses
4-5f. Corporations versus Flow-Through Entities
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 5. Corporations: Earnings & Profits and Dividend Distributions
5-1. Corporate Distributions—Overview
5-2. Earnings and Profits (E & P)—§ 312
5-2a. Computation of E & P
5-2b. Summary of E & P Adjustments
5-2c. Current versus Accumulated E & P
5-2d. Allocating E & P to Distributions
5-3. Dividends
5-3a. Rationale for Reduced Tax Rates on Dividends
5-3b. Qualified Dividends
5-3c. Property Dividends
5-3d. Constructive Dividends
5-3e. Stock Dividends and Stock Rights
5-4. Tax Planning
5-4a. Corporate Distributions
5-4b. Planning for Qualified Dividends
5-4c. Constructive Dividends
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 6. Corporations: Redemptions and Liquidations
6-1. Stock Redemptions—In General
6-2. Stock Redemptions—Sale or Exchange Treatment
6-2a. Historical Background and Overview
6-2b. Stock Attribution Rules
6-2c. Not Essentially Equivalent Redemptions
6-2d. Disproportionate Redemptions
6-2e. Complete Termination Redemptions
6-2f. Partial Liquidations
6-2g. Redemptions to Pay Death Taxes
6-3. Stock Redemptions—Effect on the Corporation
6-3a. Recognition of Gain or Loss
6-3b. Effect on Earnings and Profits
6-3c. Redemption Expenditures
6-3d. Excise Tax on Stock Repurchases
6-4. Stock Redemptions—Preferred Stock Bailouts
6-4a. Background
6-4b. Tax Consequences
6-4c. Section 306 Stock
6-5. Liquidations—In General
6-5a. The Liquidation Process
6-5b. Liquidating and Nonliquidating Distributions Compared
6-6. Liquidations—Effect on the Distributing Corporation
6-6a. The General Rule
6-6b. Antistuffing Rules
6-7. Liquidations—Effect on the Shareholder
6-8. Liquidations—Parent–Subsidiary Situations
6-8a. Minority Shareholder Interests
6-8b. Indebtedness of the Subsidiary to the Parent
6-8c. Basis of Property Received by the Parent Corporation—The General Rule
6-8d. Basis of Property Received by the Parent Corporation—§ 338 Election
6-9. Tax Planning
6-9a. Stock Redemptions
6-9b. Corporate Liquidations
6-9c. Parent–Subsidiary Liquidations
6-9d. Asset Purchase versus Stock Purchase
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 7. Corporations: Reorganizations
7-1. Corporate Reorganizations
7-1a. Different Types of Reorganizations
7-1b. Tax Consequences in a Tax-Free Reorganization
7-2. Types of Tax-Free Reorganizations
7-2a. Type A
7-2b. Type B
7-2c. Type C
7-2d. Type D
7-2e. Type E
7-2f. Type F
7-2g. Type G
7-2h. Excise Tax on Stock Repurchases
7-3. Judicial Doctrines
7-3a. Sound Business Purpose
7-3b. Continuity of Interest
7-3c. Continuity of Business Enterprise
7-3d. Step Transaction
7-4. Tax Attribute Carryovers
7-4a. Allowance of Carryovers
7-4b. Net Operating Loss Carryovers
7-4c. Earnings and Profits
7-4d. Other Carryovers
7-5. Tax Planning
7-5a. Target Liabilities
7-5b. Assessing Restructuring Options
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Chapter 8. Consolidated Tax Returns
8-1. The Consolidated Return Rules
8-1a. Motivations to Consolidate
8-1b. Source and Philosophy of Consolidated Return Rules
8-2. Assessing Consolidated Return Status
8-3. Electing Consolidated Return Status
8-3a. Affiliated Group
8-3b. Affiliated versus Controlled Group
8-3c. Eligibility for the Consolidation Election
8-3d. Compliance Requirements
8-3e. State Tax Effects
8-4. Stock Basis of Subsidiary
8-5. Consolidated Taxable Income
8-5a. Computational Procedure
8-5b. Intercompany Transactions
8-5c. Group Items
8-5d. Member Net Operating Losses
8-6. Tax Planning
8-6a. Choosing Consolidated Return Partners
8-6b. Consolidation versus 100 Percent Dividends Received Deduction
8-6c. Protecting the Group Members’ Liability for Tax Payments
8-6d. Short Tax Years
8-6e. Excess Loss Accounts
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Question
Chapter 9. Taxation of International Transactions
9-1. Overview of International Taxation
9-2. Tax Treaties
9-3. Sourcing of Income and Deductions
9-3a. Income Sourcing Rules
9-3b. Allocation and Apportionment of Deductions
9-3c. Transfer Pricing
9-4. Foreign Currency Gain/Loss
9-5. U.S. Persons with Offshore Income
9-5a. Export Property, Licenses, Foreign Branches
9-5b. Tax Havens
9-5c. Offshore (Foreign) Corporations Controlled by U.S. Persons
9-5d. Movement Toward a More Territorial System
9-5e. Global Intangible Low-Taxed Income (GILTI)
9-6. U.S. Taxation of Nonresident Aliens and Foreign Corporations
9-6a. Nonresident Alien Individuals
9-6b. Foreign Corporations
9-6c. Foreign Investment in Real Property Tax Act
9-6d. Expatriation to Avoid U.S. Taxation
9-7. Reporting Requirements
9-8. Tax Planning
9-8a. The Foreign Tax Credit Limitation and Sourcing Provisions
9-8b. Transfer Pricing
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Part 3. Flow-Through Entities
Chapter 10. Partnerships: Formation, Operation, and Basis
10-1. Overview of Partnership Taxation
10-1a. What Is a Partnership?
10-1b. Key Concepts in Taxation of Partnership Income
10-2. Formation of a Partnership: Tax Effects
10-2a. Contributions to the Partnership
10-2b. Exceptions to the General Rule of § 721
10-2c. Other Issues Related to Contributed Property
10-2d. Tax Accounting Elections
10-2e. Initial Costs of a Partnership
10-2f. Method of Accounting
10-2g. Taxable Year of the Partnership
10-3. Partnership Operations and Reporting
10-3a. Partnership Reporting
10-3b. Measuring Partnership Income
10-3c. Form 1065 Example
10-4. Partner Calculations and Reporting
10-4a. Partner Reporting of Partnership Income
10-4b. Partner Allocations
10-4c. Schedule K–1 Example
10-4d. Partner’s Basis
10-4e. Effect of Partnership Liabilities
10-4f. Partner’s Capital Account
10-4g. Loss Limitations
10-5. Other Taxes on Partnership Income
10-5a. Self-Employment Tax
10-5b. Net Investment Income Tax
10-6. Tax Planning
10-6a. Choosing Partnership Taxation
10-6b. Formation and Operation of a Partnership
10-6c. Basis Considerations and Loss Deduction Limitations
10-6d. Partners’ Capital Considerations
10-6e. Partnership Reporting Requirements
10-6f. Transactions between Partners and Partnerships
10-6g. Drafting the Partnership Agreement
Key Terms
Discussion Questions
Computational Exercises
Problems
Tax Return Problem
Research Problems
Becker CPA Review Questions
Chapter 11. Partnerships: Distributions, Transfer of Interests, and Terminations
11-1. Distributions from a Partnership
11-1a. Distributions in General
11-1b. Proportionate Current Distributions
11-1c. Proportionate Liquidating Distributions
11-1d. Property Distributions with Special Tax Treatment
11-1e. Disproportionate Distributions
11-2. Section 736—Liquidating Distributions to Retiring or Deceased Partners
11-2a. General Partners in Service-Providing Partnerships
11-2b. Limited Partners or Capital-Intensive Partnerships
11-2c. Tax Treatment of § 736 Payments
11-3. Sale of a Partnership Interest
11-3a. General Rules
11-3b. Hot Assets and Carried Interests
11-4. Other Dispositions of Partnership Interests
11-4a. Transfers to a Corporation
11-4b. Death of a Partner
11-4c. Gifts
11-5. Section 754—Optional Adjustments to Property Basis
11-5a. Adjustment: Sale or Exchange of an Interest
11-5b. Adjustment: Partnership Distributions
11-6. Other Issues
11-6a. Termination of a Partnership
11-6b. Family Partnerships
11-6c. Limited Liability Companies
11-6d. Limited Liability Partnerships
11-6e. Partnership Administration and Anti-Abuse
11-7. Tax Planning
11-7a. Planning Partnership Distributions
11-7b. Sales and Exchanges of Partnership Interests
11-7c. Comparing Sales to Liquidations
11-7d. Other Partnership Issues
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 12. S Corporations
12-1. Choice of Business Entity
12-1a. An Overview of S Corporations
12-2. Qualifying for S Corporation Status
12-2a. Defining an S Corporation
12-2b. Making the Election
12-2c. Shareholder Consent
12-2d. Loss of the Election
12-3. Operational Rules
12-3a. Taxable Income
12-3b. Qualified Business Income Deduction
12-3c. Allocation of Income and Loss
12-3d. Distributions to Shareholders
12-3e. Noncash Property Distributions
12-3f. Shareholder’s Basis in S Stock
12-3g. Treatment of Losses
12-3h. Tax on Pre-Election Built-In Gain
12-3i. LIFO Recapture Tax
12-3j. Passive Investment Income Penalty Tax
12-4. Other Tax Issues
12-5. Tax Planning
12-5a. When the Election Is Advisable
12-5b. Making a Proper Election
12-5c. Operation of the S Corporation
Key Terms
Discussion Questions
Computational Exercises
Problems
Tax Return Problem
Research Problems
Becker CPA Review Questions
Part 4. Advanced Tax Practice Considerations
Chapter 13. Comparative Forms of Doing Business
13-1. Organizational Forms in Which Business May be Conducted
13-2. Nontax Factors
13-2a. Limited Liability
13-2b. Other Factors
13-2c. Capital Formation
13-3. Single versus Double Taxation
13-3a. Overall Effect on Entity and Owners
13-3b. Alternative Minimum Tax
13-3c. State Taxation
13-4. Controlling the Entity Tax
13-4a. Favorable Treatment of Certain Fringe Benefits
13-4b. Minimizing Double Taxation
13-4c. The Availability of the Qualified Business Income Deduction
13-5. Tax Consequences of Choice of Organizational Form
13-5a. Effect on Recognition at Time of Contribution to the Entity
13-5b. Effect on Basis of Ownership Interest
13-5c. Effect on Results of Operations
13-5d. Effect on Recognition at Time of Distribution
13-5e. Effect on Passive Activity Losses
13-5f. Effect of At-Risk Rules
13-5g. Effect of Special Allocations
13-6. FICA, Self-Employment Taxes, and NIIT
13-6a. FICA
13-6b. Self-Employment Tax
13-6c. Net Investment Income Tax (NIIT)
13-6d. Effect on the Entity and Its Owners
13-7. Disposition of a Business or an Ownership Interest
13-7a. Sole Proprietorship
13-7b. Partnership and Limited Liability Company
13-7c. C Corporation
13-7d. S Corporation
13-8. Converting to Other Entity Types
13-8a. Sole Proprietorship
13-8b. C Corporation
13-8c. Partnership or LLC
13-9. Overall Comparison of Forms of Doing Business
13-10. Tax Planning
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Chapter 14. Taxes in the Financial Statements
14-1. Accounting for Income Taxes—Basic Principles
14-1a. Book-Tax Differences
14-1b. Generally Accepted Accounting Principles and ASC 740
14-2. Capturing, Measuring, and Recording Tax Expense—The Provision Process
14-2a. Current Tax Expense
14-2b. Deferred Tax Expense
14-2c. The Valuation Allowance
14-3. Tax Disclosures in the Financial Statements
14-3a. Presentation of Amounts Recognized in the Financial Statements
14-3b. The Financial Statement Footnotes
14-3c. The Effective Tax Rate Reconciliation
14-4. Special Issues
14-4a. The Financial Accounting for Tax Uncertainties
14-4b. Effects of Statutory Tax Rate Changes
14-4c. The Corporate Tax Department
14-5. Benchmarking
14-5a. Methods of Analysis
14-5b. Tax Rate Sustainability
14-5c. Uses of Benchmarking Analysis
14-6. Tax Planning
14-6a. Releasing Valuation Allowances
14-6b. Comparing Tax Savings
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 15. Exempt Entities
15-1. Types of Exempt Organizations
15-2. Characteristics of Exempt Entities
15-2a. Serving the Common Good
15-2b. Not-for-Profit Entity
15-3. Excise Taxes and Loss of Tax Exemption
15-3a. Political and Lobbying Transactions
15-3b. Excess Benefit Transactions and Intermediate Sanctions
15-3c. Other Excise Taxes
15-4. Private Foundations and Public Charities
15-4a. Tax Consequences of Private Foundation Status
15-4b. Taxes Imposed on Private Foundations
15-5. Unrelated Business Income Tax
15-5a. Unrelated Trade or Business
15-5b. Unrelated Business Taxable Income
15-5c. Feeder Organizations
15-6. Reporting Requirements
15-6a. Obtaining Exempt Organization Status
15-6b. Annual Filing Requirements
15-6c. Public Disclosure Requirements
15-7. Tax Planning
15-7a. Choosing an Exempt Classification
15-7b. Maintaining Exempt Status
15-7c. Private Foundations
15-7d. Unrelated Business Income Tax
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 16. Multistate Corporate Taxation
16-1. Corporate State Income Taxation
16-1a. Computing State Income Tax
16-1b. State Modifications
16-1c. The UDITPA and the Multistate Tax Commission
16-1d. Jurisdiction to Impose Tax: Nexus and Public Law 86–272
16-1e. Nexus in Today’s Economy
16-2. Apportionment and Allocation of Income
16-2a. The Apportionment Procedure
16-2b. Apportionable Income
16-2c. Apportionment Factors: Elements and Planning
16-2d. The Sales Factor
16-2e. The Payroll Factor
16-2f. The Property Factor
16-3. The Unitary Theory
16-3a. What Is a Unitary Business?
16-3b. Tax Effects of the Unitary Theory
16-3c. Consolidated and Combined Returns
16-4. Taxation of S Corporations
16-4a. Eligibility
16-4b. State Tax Filing Requirements
16-5. Taxation of Partnerships and LLCs
16-6. Other State and Local Taxes
16-6a. State and Local Sales and Use Taxes
16-6b. Local Property Taxes
16-6c. Other Taxes
16-7. Tax Planning
16-7a. Selecting the Optimal State in Which to Operate
16-7b. Restructuring Corporate Entities
16-7c. Subjecting the Corporation’s Income to Apportionment
16-7d. Planning with Apportionment Factors
16-7e. Sales/Use Tax Compliance
16-7f. Capital Stock Taxation
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 17. Tax Practice and Ethics
17-1. Tax Administration
Taxes Collected and the Tax Gap
17-1a. Organizational Structure of the IRS
17-1b. IRS Procedure—Letter Rulings
17-1c. IRS Procedure—Other Issuances
17-1d. Administrative Powers of the IRS
17-1e. The Audit Process
17-1f. The Taxpayer Appeal Process
17-1g. Offers in Compromise, Installment Agreements, and Closing Agreements
17-1h. Interest
17-1i. Taxpayer Penalties
17-1j. Statute of Limitations
17-2. The Tax Profession and Tax Ethics
17-2a. The Tax Professional
17-2b. Regulating Tax Preparers
17-2c. IRS Rules Governing Tax Practice
17-2d. Preparer Penalties
17-2e. Privileged Communications
17-2f. AICPA Statements on Standards for Tax Services
17-3. Tax Planning
17-3a. Strategies in Seeking a Letter Ruling
17-3b. Considerations in Handling an IRS Audit
17-3c. Statute of Limitations
17-3d. Litigation Considerations
17-3e. Penalties
17-3f. Ethics in the Tax Practice
17-3g. Privileged Communications
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Part 5. Family Tax Planning
Chapter 18. The Federal Gift and Estate Taxes
18-1. Transfer Taxes—In General
18-1a. Nature of the Taxes
18-1b. Valuation Issues
18-1c. Key Property Concepts
18-2. The Federal Gift Tax
18-2a. General Considerations
18-2b. Transfers Subject to the Gift Tax
18-2c. Annual Gift Tax Exclusion
18-2d. Deductions
18-2e. Computing the Federal Gift Tax
18-2f. Procedural Matters
18-3. The Federal Estate Tax
18-3a. Gross Estate
18-3b. Taxable Estate
18-3c. Estate Tax Credits
18-3d. Procedural Matters
18-4. The Generation-Skipping Transfer Tax
18-4a. Inter-Generational Transfers
18-4b. The Tax on Generation-Skipping Transfers
18-5. Tax Planning
Key Terms
Discussion Questions
Computational Exercises
Problems
Tax Return Problems
Research Problems
Becker CPA Review Questions
Chapter 19. Family Tax Planning
19-1. Valuation Concepts
19-1a. Valuation Issues
19-1b. Valuation of Specific Assets
19-1c. Real Estate and the Special Use Valuation Method
19-1d. Valuation Problems with a Closely Held Business
19-2. Income Tax Concepts
19-2a. Basis of Property Acquired by Gift
19-2b. Basis of Property Acquired by Death
19-3. Gift Planning
19-3a. Minimizing Gift Taxes
19-3b. Minimizing Estate Taxes
19-3c. Income Tax Considerations
19-4. Estate Planning
19-4a. Probate Costs
19-4b. Transfer Tax Deductions
19-4c. Providing Estate Liquidity
19-4d. Nontax Estate Planning Issues
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Chapter 20. Income Taxation of Trusts and Estates
20-1. Fiduciary Income Taxation
20-1a. What Is a Trust?
20-1b. What Is an Estate?
20-2. Nature of Trust and Estate Taxation
20-2a. Tax Accounting Periods and Methods
20-2b. Tax Rates and Personal Exemption
20-2c. Alternative Minimum Tax
20-2d. Additional Tax on Net Investment Income
20-3. Taxable Income of Trusts and Estates
20-3a. Entity Accounting Income
20-3b. Gross Income
20-3c. Ordinary Deductions
20-3d. Deductions for Losses
20-3e. Charitable Contributions
20-3f. Deduction for Distributions to Beneficiaries
20-3g. Tax Credits
20-4. Taxation of Beneficiaries
20-4a. Distributions by Simple Trusts
20-4b. Distributions by Estates and Complex Trusts
20-4c. Character of Income
20-5. Grantor Trusts
20-6. Procedural Matters
20-7. Tax Planning
20-7a. A Trust or an Estate as an Income-Shifting Device
20-7b. Income Tax Planning for Estates
20-7c. Distributions of In-Kind Property
20-7d. Deductibility of Administrative Expenses
20-7e. Duties of an Executor
20-7f. Additional Taxes on Capital Gains and Net Investment Income