CPAs and other accounting and tax professionals are faced with the unique income tax provisions related to trusts and estates. This article

• Summarizes the general rules related to the income taxation of estates and trusts.
• Highlights the impact of different legal authorities applicable to trusts.
• Discusses issues related to some special trust and estate entities, namely, grantor trusts, pooled income funds, qualified subchapter S trusts (QSSTs), electing small business trusts (ESBTs), bankruptcy estates, and foreign trusts.