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ENGAGE 2020


EST2011 - EST2011. Demystifying DNI


Jul 21, 2020 12:05pm ‐ Jul 21, 2020 12:55pm

Description

Distributable net income (DNI) is the lifeblood of the income taxation of estates and trusts. It determines how much of a distribution deduction a trust or estate receives, how much income the beneficiary is required to account for, and the character of that income. However, the calculation and function of DNI confuses people. 

This session will discuss the calculation of DNI, when capital gains get included in DNI, how DNI is calculated on the Form 104I and why DNI is important both for compliance and planning purposes. Also the discussion will highlight the special rule for specific bequests and how DNI is allocated between various beneficiaries taking into consideration the tier system, the separate share rule and the 65 day rule.

Learning Objectives:
  • Learn how to calculate DNI and report it on the Form 1041
  • Learn how the tier system, the separate share rule and the 65 day rule affects the allocation of DNI among the estate or trust’s beneficiaries
  • Learn when capital gains are included in DNI and how those gains can escape taxation at the compressed estate and trust income tax rates

Speaker(s):

  • Jeremiah Doyle, BS (Accounting), JD, LL.M. (Taxation), LL.M. (Banking Law), SVP/Family Wealth Strategist, BNY Mellon Wealth Management
Category: Concurrent Session Online

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