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Table Of Contents

EXECUTIVE SUMMARY
I. Introduction
II. Definition and Background of Fiduciary Duties
Introduction to Fiduciary Duties
The Concept of Fiduciary Duties
The Evolution of Fiduciary Duties
Separation of Title in Fiduciary Entity
The Fiduciary Relationship and its Fundamental Obligations
Duty of Management
Duty of Loyalty or Preference
Duty to Disclose (to Beneficiaries)
How Does Fiduciary Duty Arise?
The Characterization of the CPA/Client Relationship
The CPA as the Advisor to Tax and Accounting Clients
The Importance of the Engagement Letter
The CPA as Advisor to the Fiduciary
The CPA Acting as Fiduciary
Fiduciary Indemnification
Conflicts of Interest
Statutory Guidance and Authority for the Fiduciary
The Role of State or Local Law
Fiduciary Accounting
Duty to Inform and Report under the Uniform Trust Code
States Not Adopting the Uniform Trust Code
The New Principal and Income Act
Clarification and Changes in the Existing Rules
Conclusion
III. Fiduciary Accounting Income Defined
Introduction to Fiduciary Accounting Income
Review and Relevance of the Governing Documents/Authority
Coordination with the Uniform Prudent Investor Act
Trustee’s Duty of Impartiality under Section 103(b) of the 1997 Act
Implementing the Trustee’s Power to Adjust
Prong 1 - Uniform Prudent Investor Act
Prong 2 - Uniform Principal and Income Act
Prong 3 – Intent of the Trust Prong – 1997 Act Section 103(a)
Income Tax Aspects of the Power to Adjust
GST Tax Issues
The Unitrust Conversion Option
V. Statutory Accounting Rules
Article 1. Trustee’s Power to Adjust
Section 104 – Trustee’s Power to Adjust
Article 2. Decedent’s Estate or Terminating Income Interest
Section 201 – Determination and Distribution of Net Income
Section 202 – Distribution to Residuary and Remainder Beneficiaries
Section 301 – When Right to Income Begins and Ends
Section 303 – Apportionment When Income Interest Ends
Article 4. Allocation of Receipts During Administration of Trust
Part I. Receipts from Entities
Section 401 – Character of Receipts
Character of Receipts – in Simple Terms
Issues Arising from Application of this Section
Section 402 – Distribution From Trust or Estate
Section 403 – Business and Other Activities Conducted by Trustee
Part II. Receipts Not Normally Apportioned
Section 404 – Principal Receipts
Section 405 – Rental Property
Section 406 – Obligation to Pay Money
Section 407 – Insurance Policies and Similar Contracts
Part III. Receipts Normally Apportioned
Section 408 – Insubstantial Allocations Not Required
Section 409 – Deferred Compensation, Annuities, and Similar Payments
Section 410 – Liquidating Asset
Section 411 – Minerals, Water, and Other Natural Resources
Section 412 – Timber
Section 413 – Property Not Productive of Income
Section 414 – Derivatives and Options
Section 415 – Asset- Backed Securities
Article 5. Allocation of Disbursements During Administration of Trust
Section 501 – Disbursements from Income
Section 502 – Disbursements from Principal
Section 503 – Transfers from Income to Principal for Depreciation
Section 504 – Transfers from Income to Reimburse Principal
Section 505 – Income Taxes
Section 506 – Adjustments Between Principal and Income Because of Taxes
Fiduciary Accounting Income
Taxable Income
The Updated Trust Income Tax Rules
Approval of Powers to Adjust and Certain Unitrust Distributions
Allocation of Gain(s) to Income
Flow Chart – When can Capital Gains be Included in DNI?
VII. Reporting Requirements
When is an Accounting Required?
Format of Accounting
Accounting Standards
What If All You Prepare is a Tax Return?
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AICPAPracticeGuideForFiduciary Trust Accounting

AICPAPracticeGuideForFiduciary Trust Accounting

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Published by Konan Snowden
AICPAPracticeGuideForFiduciary Trust Accounting
AICPAPracticeGuideForFiduciary Trust Accounting

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Published by: Konan Snowden on Feb 17, 2014
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02/22/2014

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