Archive for the ‘Executors’ Category

DEDUCTIBILITY OF EXECUTOR EXPENSES

Monday, April 21st, 2014

Generally speaking, an executor who earns fees in the course of carrying on a business may deduct the expenses net of any estate reimbursement against the fees in computing net income for tax purposes. An executor who is not performing their duties in the course of carrying on a ...

Eyes Wide Open II

Thursday, April 17th, 2014

In my March 14th blog, Eyes Wide Open, I asked the question - why did the named executor ever agree to take on the administration. My blog was followed by a rhetorical answer meant to remind all of us – advisors and potential executors alike – we ought to ...

Loss Trading – Rules for Trusts

Friday, April 11th, 2014

Currently, loss streaming rules generally apply to limit a corporation’s trading of certain tax attributes (for example, non-capital losses, net capital losses, farm losses, and unused investment tax credits) where a person or group of persons acquires control of the corporation. Begin in 2013 (with transactions after March 20, ...