Calculating Trust Accounting Income Under Uniform Principal and Income Act and Uniform Fiduciary Income and Principal Act
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with an 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.
Outline
- Importance of principal and income allocation and basics
- State adoption of UPIA and UFIPA
- Ordering rules
- Where a trust instrument may deviate from UPIA or UFIPA treatment
- UPIA Rules
- UFIPA Rules
- Capital gains allocated to income
- Power to adjust under UPIA
- UPIA provisions dealing with specific assets and payment streams
Benefits
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
Faculty
Scott J. Bakal
Shareholder
Greenberg Traurig
Mr. Bakal develops tax-planning strategies for closely held family businesses, partnerships, and publicly held... | Read More
Mr. Bakal develops tax-planning strategies for closely held family businesses, partnerships, and publicly held corporations with significant domestic and international operations. He works closely with high- and ultra-high-net-worth individuals and entrepreneurial companies to develop elegant, tax-sensitive approaches to their complex business transactions, financial situations, estate planning matters, and real estate investments, as well as to pursue tax efficiency throughout their operations. Mr. Bakal advises foreign individuals and families seeking to benefit from advantageous tax structures by migrating their investments and assets to the United States. He designs integrated strategies to encompass the complex components of both international and domestic tax planning. Mr. Bakal continuously monitors the tax planning landscape for new, compliant approaches that can be implemented with the goal of minimizing his clients’ liabilities to the full extent allowable under the law.
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Matthew E. Rappaport, Esq., LL.M.
Vice Managing Partner
Falcon Rappaport & Berkman
Mr. Rappaport chairs FRB’s Taxation and Private Client Groups. He concentrates his practice in Taxation... | Read More
Mr. Rappaport chairs FRB’s Taxation and Private Client Groups. He concentrates his practice in Taxation as it relates to Real Estate, Closely Held Businesses, Private Equity Funds, Family Offices and Trusts & Estates. He advises clients regarding tax planning, structuring, and compliance for commercial real estate projects, all stages of the business life cycle, generational wealth transfer, family business succession, and executive compensation. Mr. Rappaport also collaborates with other attorneys, accountants, financial advisors, bankers, and insurance professionals when they encounter matters requiring a threshold level of tax law expertise. He is known for his work on complex deals involving advanced tax considerations, such as Section 1031 Exchanges, the Qualified Opportunity Zone Program, Freeze Partnerships, Private Equity Mergers & Acquisitions, and Qualified Small Business Stock. Mr. Rappaport has served as a trusted advisor for prominent real estate funds, executives of multinational corporations, venture capitalists, successful startup businesses, ultra-high net worth families, and clients seeking creative solutions to seemingly intractable problems requiring tax-focused analysis.
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