[WSBAPT] IRC Definition of "Income"

[John J. Sullivan]

David:

Don’t forget that a beneficiary only realizes and recognizes DNI actually distributed from a trust and reported on a Schedule K-1. 

Generally, losses are only recognized in the final year of the trust. 

John Sullivan

Sent from my iPhone

> On Feb 23, 2018, at 2:00 PM, David Sweeney <D.Sweeney at smithzuccarini.com> wrote:
> 
> Possibly you would have to look at the Washington Principal and Income Act?
>  
> David B. Sweeney 
> Smith & Zuccarini, P.S. 
> 2155-112th Avenue NE 
> Bellevue, Washington 98004
> Telephone:  425-453-4455 
> Direct Line: 425-990-1586 
> Facsimile:   425-453-4454 
> E-mail:D.sweeney at smithzuccarini.com 
> www.smithzuccarini.com
> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of David Faber
> Sent: Friday, February 23, 2018 1:41 PM
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] IRC Definition of "Income"
>  
> I'm trying to find a definition of the term "income" (not "gross income") under the IRC. The "gross income" definition in IRC 61(a)(15) states that "income from an estate or trust" but does not provide any guidance on what "income" means in that context. Can anyone tell me how "income" is defined independent of the term "gross"?
> 
> Best,
> David J. Faber
> Faber Feinson PLLC
> 210 Polk Street, Suite 1
> Port Townsend, WA 98368
> (360) 379-4110
>  
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