Estate Planning in South Carolina, Volume VI: South Carolina Fiduciary Accounting and Taxation Out of Stock
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Product Details
Principal Authors: F. Ladson Boyle and S. Alan Medlin
© 2017
Upon completion Estate
Planning in South Carolina, Second Edition will be a comprehensive six-volume set authoritative
to this complex, challenging, and rewarding area of practice. Each Volume was
written as a stand-alone resource; therefore, each Volume will be released and
sold as it becomes available. This means that Volumes will not be released
sequentially.
After three and a half
years of research, writing and editing, Professors Boyle and Medlin have
produced a brand new Volume VI to the Estate Planning in South Carolina series. Volume VI, South Carolina Fiduciary Accounting
and Taxation, consists of an introduction
and six chapters. The introduction gives a general overview of fiduciary
accounting and discusses the default rules. Chapter One addresses the unique
fiduciary accounting issues involved with an estate and when beneficiaries of a
trust change. Chapter Two discusses the rules for allocating receipts by an
estate or a trust to either income or principal. Chapter Three discusses where
to charge expenses-that is, whether expenses are paid from income or from
principal. Chapter Four includes a discussion of the relatively new concept of
the “power to adjust” and in particular when it is available to a trustee and
when it is not, as well as the concepts of decanting and unitrust conversions.
Because fiduciary accounting is intertwined with the income taxation of
estate and trusts, Chapter Five provides an abridged discussion of federal
income taxation of estates and trusts. The final chapter is a discussion of the
income tax issues when South Carolina income tax law differs from federal tax
law and discusses issues that are unique to state income taxation of an estate
or a trust. Volume VI also contains extensive appendices including a table
of authorities and a topical word index, as well as a cross-reference index
that correlates the sections of the Uniform Principal and Income Act (1997) and
the South Carolina Principal and Income Act.
Summary of Contents:
Chapter 1: Categorization and
Allocation of Receipts
Chapter 2: Allocation of Receipts
During Administration of Trust
Chapter 3: Allocation of Disbursements
During the Administration of a Trust
Chapter 4: The Power to Adjust as the
Critical Feature of Modern Portfolio Theory
Chapter 5: Federal Income Taxation of
Estates and Trusts: An Overview
Chapter 6: South Carolina Income
Taxation of Estates and Trusts