The most detailed reference book on the market for information on how to allocate receipts and disbursements between the income and principal beneficiaries of a trust or estate. Answer all questions about estate & trust accounting  including:

• An overview of fiduciary responsibility
• How situs impacts a will or trust
• The Uniform Principal & Income Act
• How to properly allocate income taxes between income and principal

Discussed in detail is how numerous types of receipts and disbursements are allocated between the income and principal beneficiaries, with each section of the Act having its own chapter.

1. Overview of Basic Fiduciary Concepts
2. Trust Situs
3. Overview of Fiduciary Accounting
4. Definitions and Fiduciary Duties - UPIA Sections 101-103
5. Trustee's Power to Adjust and Judicial Control - UPIA Sections 104 and 105
6. Determining Net Income and Beneficiary Distributions - UPIA Sections 201 and 202
7. Apportionment at the Beginning and End of an Income Interest - UPIA Sections 301-303
8. Receipts from Entities, Trusts and Estates - UPIA Sections 401 and 402
9. Business and Other Activities Conducted by the Trustee - UPIA Section 403
10. Receipts Not Normally Apportioned and Insubstantial Allocations - UPIA Section 404-408
11. Deferred Compensation, Annuities and Similar Payments - UPIA Section 409
12. Liquidating Assets - UPIA Section 410
13. Mineral, Water and Other Natural Resources and Timber - UPIA Sections 411 and 412
14. Underproductive Property - UPIA Section 413
15. Derivatives, Options and Asset-Backed Securities - UPIA Sections 414 and 415
16. Allocation of Disbursements During the Administration of a Trust - UPIA Sections 501 and 502
17. Transfers from Income to Principal - UPIA Sections 503 and 504
18. Income Taxes and Adjustments Between Principal and Income Because of Taxes - UPIA Sections 505 and 506

Appendix A State Appendix - State Income Tax and Accounting Rules for Trusts
Appendix B Text of the Uniform Principal and Income Act   

 350 pages

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Richard Petersen

Provides guidance on the application of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes. It also addresses income tax-related paragraphs in certain other Codification topics, including Topic 805, Business Combinations, and Topic 980, Regulated Operations. This publication presents the author's interpretation on areas that have not been specifically addressed by the Codification or that require further explanation. The analysis in this publication is based on discussions with the staffs of the FASB and the Securities and Exchange Commission (SEC), combined with lessons learned from leading accounting practitioners.

Appendix I includes a series of interpretations of income tax-related paragraphs that are located in other topics in the Codification.

Appendix II, "Index of Accounting Literature Cited," includes crossreferences to the interpretations that either refer to or incorporate the pre-Codification authoritative pronouncement or interpretive literature, in whole or in part, that was not codified by the FASB into its Codification. The FASB decided to exclude “nonessential material, such as redundant summaries of existing standards, historical content, discussions of previous practice, summaries of constituent feedback, and similar content." However, the author believes such information may be useful to readers of this publication.

Appendix III contains recent examples reflecting how various U.S. public entities have disclosed the information required by Topic 740.

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Financial

If you would like more details about this product, or would like to order a copy online, please click here.

Provides guidance on the application of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes. It also addresses income tax-related paragraphs in certain other Codification topics, including Topic 805, Business Combinations, and Topic 980, Regulated Operations. This publication presents the author's interpretation on areas that have not been specifically addressed by the Codification or that require further explanation. The analysis in this publication is based on discussions with the staffs of the FASB and the Securities and Exchange Commission (SEC), combined with lessons learned from leading accounting practitioners.

Appendix I includes a series of interpretations of income tax-related paragraphs that are located in other topics in the Codification. Appendix II, "Index of Accounting Literature Cited," includes cross-references to the interpretations that either refer to or incorporate the pre-Codification authoritative pronouncement or interpretive literature, in whole or in part, that was not codified by the FASB into its Codification.  The FASB decided to exclude “nonessential material, such as redundant summaries of existing standards, historical content, discussions of previous practice, summaries of constituent feedback, and similar content." However, we believe such information may be useful to readers of this publication. Appendix III contains recent examples reflecting how various U.S. public entities have disclosed the information required by Topic 740.

If you would like more details about this product, or would like to order a copy online, please click here.

Available: June 2012

Provides guidance on the application of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes. It also addresses income tax-related paragraphs in certain other Codification topics, including Topic 805, Business Combinations, and Topic 980, Regulated Operations. This publication presents the authors’ interpretation on areas that have not been specifically addressed by the Codification or that require further explanation. The analysis in this publication is based on discussions with the staffs of the FASB and the Securities and Exchange Commission (SEC), combined with lessons learned from leading accounting practitioners.

Appendix I includes a series of interpretations of income tax-related paragraphs that are located in other topics in the Codification.

Appendix II, "Index of Accounting Literature Cited," includes cross-references to the interpretations that either refer to or incorporate the pre-Codification authoritative pronouncement or interpretive literature, in whole or in part, that was not codified by the FASB into its Codification. The FASB decided to exclude “nonessential material, such as redundant summaries of existing standards, historical content, discussions of previous practice, summaries of constituent feedback, and similar content." However, we believe such information may be useful to readers of this publication.

Appendix III contains recent examples reflecting how various U.S. public entities have disclosed the information required by Topic 740.

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• Full Article