Fiduciary Income Tax Issues for Closely Held Business Interests
Fiduciary income tax issues related to closely held businessse can be very complex and are often uncertain. This article attempts to define and clarify some of these issues. Fundamentals of Fiduciary Taxation As a general rule, trusts and estates are taxed in the same manner as individuals. Code §§ 641–692, howevver set forth several exceptions. These exceptions include: 1. Estates and trusts are taxed only on income that is retained, but the beneficiaries are taxed to the extent income is...
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