INCOME TAXATION OF TRUSTS AND ESTATES

SYLLABUS

 

Villanova University Graduate Tax Program

 

Spring 2005                                                                                              Professor Chris Harvey

                                                                                                                  chris.harvey@hbbllc.com

                                                                                                                       Phone (610) 408-8388

                                                                                                                            Fax (610) 408-8378

 

Text and Materials:

 

1.                  Federal Income Taxation of Trusts and Estates, 2nd Edition, Zaritsky and Lane ("Z & L").

2.         BNA Portfolio 852, Income Taxation of Trusts and Estates (“BNA”).

3.         Class Problems and Additional Materials.

4.         Internal Revenue Code and Regulations.

 

Topics and Reading Assignments:

 

Unit 1.           Introduction to Trusts and Estates as Taxable Entities.

 

Assignment:

 

1.         Z & L Chapters 1 and 16. Read all of Chapter 1, but pay close attention to Sections 1.01, 1.02[1-3], 1.03, 1.04, 1.06, 1.07. Read all of Chapter 16, but pay close attention to 16.01[1-2, and 4], 16.03, and 16.04. Read BNA A-1 through A-22.

2.         Skim IRC §§ 641-678.

 

Unit 2.           Basic Principles of Income Taxation under Subchapter J.

 

Assignment:

 

1.         Z & L Chapter 2. Read all of Chapter 2, but pay close attention to Sections 2.01-2.03, 2.05-2.09, and 2.14. Read BNA A-22 through A48.

2.         IRC §§ 167(h), 265, and 641-642.

 

Unit 3.           The Conduit System and Property Distributions.

 

Assignment:

 

1.         Z & L Chapters 3, 4, 5, 6, and 18. Read all of Chapters 3-6 and 18, but pay close attention to Sections 3.01-3.05, 4.01-4.08, 4.11, 5.01-5.07, and 18.04-18.05. Read BNA A-49 through A85.

2.         IRC §§ 641-643, 651-52, and 661-663.

3.         Problems 1-12, Supplemental Problem - Charity.

4.         Materials:     Distributions to Fund Marital Deduction Bequests; Revenue Procedure 64-19; Tax Consequences of Distribution in Kind (chart).

 

Unit 4.           Grantor Trusts and Related Issues.

 

Assignment:

 

1.         Z & L Chapters 7, 8, 9, 10, 11, and 12.

2.         IRC §§ 671-678.

 

Unit 5.           Income and Deductions in Respect of a Decedent.

 

Assignment:

 

1.         Z & L Chapter 15.

2.         IRC § 691.

 

Administrative Details:

 

Although this course covers few code sections, these code sections are complex and sometimes convoluted. 10% of your grade will be based on each of 3interim examinations and 70% of your grade is the final exam. The final exam is 3 hours long and perceived as somewhat difficult. However, the grades are usually pretty good. If you prepare regularly and follow the class examples and problems, you will earn a good grade on the final exam. This course is both conceptual and practical. The key to this course is keeping up. The course is very cumulative.