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decedent
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Understanding the tax deductibility of income in respect of a decedent (IRD) is gaining significance as the baby boomer generation reaches retirement. What constitutes IRD can vary depending on the: 1. type of income received, 2. method of accounting used by the decedent, and 3. date the income is actually received. Specific examples of compensation owed to a beneficiary because of a decedent's death and treatment are as follows: 1. wages and salaries, 2. self-employment income, 3. interest, 4. dividends, 5. rents and royalties, 6. sales proceeds, 7. deferred compensation, 8. installment sale receipts, 9. partnerships, and 10. S corporations. One way to initially reduce tax to the beneficiary is by claiming a deduction in respect to decedent to offset the revenue. The calculation of thi...
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Gift taxes paid by the donee trustees of a Qualifying Terminable Interest in Property (QTIP) trust should have been included in the transferor's gross estate for purposes of calculating federal estate tax, the 9th Circuit has ruled in affirming judgment. Section 2035(b) of the Internal Revenue Code states the so- called "gross-up rule," which requires that a gross estate be increased by the amount of gift taxes paid by the decedent or her estate within three years of death.
