Types of Trusts
Free CPA TCP (Tax Compliance & Planning) lesson in Entity Tax Compliance. 17 min read, ~2,624 words.
Simple trusts must distribute all income currently, cannot make charitable contributions from income, and cannot distribute corpus; complex trusts can do any of these. Grantor trusts are disregarded for income tax, the grantor reports all trust income on the grantor's personal return under IRC ยงยง671-679. Revocable trusts are grantor trusts...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- II.D1
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