The Accountant: Taxes Aren’t Just for the Living
Decedents’ tax liabilities do not end with their deaths. Not only do they have to cough up income taxes for their last year of life, but, now that they’re dead, new income taxes spring up. And then there is something known generically as transfer taxes. In this chapter, you are going to learn the basic rules governing these death taxes. Don’t worry: there is some serious math involved but you are going to let your accountant handle that.
Fiduciary Income Taxes
Remember the Probate Estate you learned about in Chapter 1? In tax law, that’s a person. As a person, it is required to pay income taxes. Income tax on what, you ask? Income tax on things like interest from bank accounts, dividends ...