Estate Planners' Guide to Income in Respect of a Decedent is the most comprehensive resource available solely devoted to the subject of IRD. This practical, comprehensive book addresses IRD in all its intricacies and nuances. Estate Planners' Guide to IRD makes this topic comprehensible, while it helps practitioners avoid the pitfalls and problems that often beset them in this area. Practitioners often have difficulty identifying items of IRD. Not only is this book designed to help them determine what is IRD, but also to make it easy to apply the law once the item of IRD has been identified.
The 2008 edition of Estate Planners' Guide to Income in Respect of a Decedent is thoroughly revised and updated throughout and includes analysis of recent developments of interest to estate planners, including:
A new section covering the Uniform Principal and Income Act;
A new subsection dealing with transfers to estate creditors;
Several new sections and subsections covering transfers of retirement benefits, including the conflict between Sections 402 and 408, and Section 691 and the general uncertainty of treating retirement benefits as taxable transfers of IRD; and
a revised and Updated comprehensive example (Appendix F) showing treatment of STATE Estate Taxes as a deduction as opposed to a credit.
Topics and Contents
Purpose, Scope and History of IRD
Definition of IRD
Who Is the Taxable Recipient of IRD?
When Is IRD Taxable?
The Character of IRD and the Amount of IRD Recognized
Compensation as IRD
Retirement Benefits as IRD
Investment Income as IRD
Proceeds From Sales as IRD
Other Receivables as IRD
Deductions in Respect of a Decedent
Deductions for the Federal Estate Tax Attributable to IRD
Planning for IRD
Simplifying the IRD Scheme
Appendix A: Internal Revenue Code Section 691
Appendix B: Regulations to Section 691
Appendix C: Summary of Revenue Rulings Concerning IRD
Appendix D: Items of IRD
Appendix E: Suggested Language for Wills and Trusts
Appendix F: Comprehensive Example