Download or read book Federal Income Taxation of Decedents, Estates and Trusts-2016 written by David Berek and published by CCH Incorporated. This book was released on 2015-10-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the death of the decedent, a separate taxable entity, the decedent's estate, is created. A fiduciary is appointed to take over administration of the decedent's estate. The representative gathers the assets, files the decedent's final income tax return, satisfies tax liabilities, oversees creation and funding of any testamentary trusts, which become separate taxpaying entites. The estate is liable for the tax on the income received during the period of its administration and the fiduciary oversees preparation of all tax forms required including the final income tax return and any estate and gift tax returns that are due.