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What is Estate and Trust Taxation Explained about?

1. Estates and trusts are taxed similar to individuals, with some exceptions. Estates are taxed during judicial settlement, while trusts can be either revocable or irrevocable and taxed differently depending on this status. 2. Distributions of income from estates or irrevocable trusts to heirs or beneficiaries are deductible for computing the taxable income of the estate or trust and subject to 15% withholding tax. 3. The administrator, executor, or fiduciary is responsible for filing tax returns and paying

Author

Georgianne Isla Alleje

Language

EN