Tax regulations applicable to estates and trusts are very complicated. Common questions include what is taxable, when is it taxable, and is the trust or estate taxed or is it the beneficiary or grantor who is responsible for the tax? Many other questions arise, as well. In this column, we resume the discussion of accounting for trusts and estates that we began in the last issue. See Introduction to Accounting for Trusts and Estates, Part I: Trusts, 22 Experience, no. 2, 2012, at 42. We move on to our examination of estates.
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