New York
University
School of Continuing Education
Syllabus
Trust and Estate Income Taxation Fall 1999 Course #X51.9585.001
Tuesdays beginning September 28, 1997
Instructor:
Dean L. Surkin, Esq., Adjunct Assistant Professor
Moore Stephens, P.C.
331 Madison Avenue, 5th Floor
New York, NY 10017-5102
Phone: (212) 682-1234; Fax: (212) 687-8846
Internet: dsurkin@moorestephensnyc.com
Office
hours:
By appointment, during regular business hours
Required Materials:
Zaritsky, Howard M. and Lane, Norman M., Federal Income Taxation of Estates and Trusts Second Edition, Student Edition, published by Warren Gorham & Lamont, 1993 (supplemented to 1999)
Federal Estate and Gift Taxes, Internal Revenue Code and Regulations, published by Research Institute of America, or CCH, or CCH Federal Estate & Gift Taxes Code & Regulations
Course
Description
Federal Income Taxation of estates and trusts: this course reviews Subchapter J taxation, trusts and estates as conduits of income, and tax planning. Topics include: transfer to trusts, taxation of fiduciaries, taxation of beneficiaries; grantor trusts; foreign trusts (and reporting requirements); distributable net income; family and tax planning; asset protection; and ethical considerations for the practitioner. There is no prerequisite for this course, although many students will have completed basic courses in accounting or estate law or taxation.
Course
Objectives
To teach substantive estate and trust income tax law, how to analyze an estate and trust tax situation, how to recognize estate and trust income tax issues, and how to learn the applicable tax law for a situation the student has never before encountered. Students will address ethical issues in tax law as they relate to each topic.
Course requirements and grading
Exams: There will be a take home final. All exams are open book, and all students will be on the honor system.
Components of the final grade: This only applies to those taking this course for a grade. The final exam will be 80% of the grade and class participation will be 20% of the grade. See below for a discussion of class participation.
Penalties for late work: If you do not receive advance permission, you will lose points if you turn in the final exam late (5 points per day). My policy is to grant reasonable extensions whenever required, with the caveat that your grade will be delayed.
Attendance policy: Class attendance is vital to understand the course work. If you must miss a class, you don't have to tell me – just have a classmate tape the lecture, or loan you notes (make sure you have a friend who takes good notes).
Class participation (Even if you aren’t taking the course for a grade, please read this paragraph): The burden of learning is yours. If you have ever tried to teach something, you will understand this little gem of philosophy. Please do the reading before class, and be prepared to participate in the classroom discussion.
Estate and Trust Income Tax Assignments:
Chapter 1, An Overview
Chapter 2, Computation of Taxable Income and Tax Liability
Chapter 3, Distributable Net Income
Chapter 4, Distributions Deduction: Allocating the Tax Burden
Chapter 5, Current Distributions: Tax Effects on Beneficiaries
Chapter 6, Taxation of Accumulation Distributions: The Throwback Rule Gift Tax Deductions
Chapter 7, Taxation of Grantor and Controlled Trusts
Chapter 13, Foreign Trusts with U.S. grantors and Beneficiaries
Chapter 14, Charitable Trusts
Chapter 16, Procedure, Administration, and Compliance