Calculating Trust Accounting Income Under Uniform Principal and Income Act
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide tax advisers and compliance professionals with a more in-depth exploration of the fiduciary income calculations and determinations contained in the Uniform Principal and Income Act (UPIA). The panel will detail how to apply UPIA provisions to differentiate between corpus and income, and identify trust provisions that can create challenges in allocating trust accounting income (TAI) under UPIA terms.
- UPIA framework for determining principal and income in TAI calculations
- Components of TAI
- Differences between TAI and GAAP accounting
- Power to adjust
- UPIA provisions dealing with specific assets and payment streams
- Where a trust instrument may deviate from UPIA treatment
The panel will discuss these and other essential questions:
- Default UPIA provisions on treatment of bond and financial instrument periodic income and sales proceeds
- Reconciling trust operating documents with UPIA provisions for TAI calculations
- Interpreting UPIA provisions in circumstances where operating documents are silent or inconclusive
- UPIA approach to timing and character of the distribution amount
Matthew E. Rappaport, Esq., LL.M.
Falcon Rappaport & Berkman
Mr. Rappaport counsels clients on technical and complex tax issues. He works closely with closely held business owners,... | Read More
Mr. Rappaport counsels clients on technical and complex tax issues. He works closely with closely held business owners, real estate investors/developers, and high net worth families. He advises clients on a wide array of issues including, generational wealth transfer, family business succession, tax structuring of mergers, acquisitions and reorganizations of business entities, windfall planning for major liquidity events, tax provisions of operating agreements, 1031 Exchanges, conversion of investment real estate, and audits hinging on the outcome of a highly technical issue.Close
Michael F. Rudegeair, CPA, CFP
Tax and Wealth Adviser, Accounting
Mr. Rudegeair specializes in tax advisory and related tax compliance services, with over 18 years of experience in... | Read More
Mr. Rudegeair specializes in tax advisory and related tax compliance services, with over 18 years of experience in personal income tax preparation, including 15 years of experience with fiduciary income tax and gift tax. Clients include high net worth individuals, family groups, and multi-generational families with net worth between $20M and $135M. Services include personal income tax and fiduciary income tax compliance; gift tax and estate tax compliance; financial planning, including income tax planning, estate and gift planning, intergenerational wealth transfer, and trust administration.Close
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