Final Regulations on the Definition of Fiduciary Income
Louis Mezzullo
26 PROBATE& PROPERTY MARCH/APRIL 2005 In administering trusts and estates, the definitiio of income can have importance for both nontax and tax reasons. From a nontax standpoiint the creator of the trust may define the right of one or more beneficiaries to receive distributtion from the trust by the amount of income generated by the trust’s investments each year. The trust agreement could state that the trust’s income will be paid out annually to one or more beneficiaries. If there are several...