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JCT Report: Federal Taxation of Domestic Trusts (IRC §671)

Dec. 6, 2021, 5:00 AM

Overview of domestic trust and estate taxation and reporting provided in a Joint Committee on Taxation report released December 6. The Subcommittee on Oversight of the House Committee on Ways and Means has scheduled a public hearing for December 8, 2021, called “The Pandora Papers and Hidden Wealth.” Organized into four parts, Part 1 gives an overview of the income tax rules relating to trusts and estates and the estate, gift, and generation-skipping transfer tax rules in relation to which trusts may be organized. Part 2 describes the federal tax reporting rules applicable to trusts and estates. Part 3 provides ...

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