Taxation
Ca. Tax Lawyer Fall 2014, Volume 23, Number 3
Content
- Proposed Guidance for Donor Advised Funds
- 2014 Annual Meeting of the California Tax Bar and California Tax Policy Conference Report
- Visiting the Committees
- Taxation Section 2014-2015 Leadership Directory
- Masthead
- Contents
- When Should a Trust Be Subject to State Income Tax in California?
- Using a "Formula" General Power of Apportionment to Resolve Income Tax Basis "Step Up" Issues in the Age of Portability and a Request for Clarification Regarding Revenue Procedure 2001-38
- Accounting for the Reserve for Depreciation: Estates and Trusts
- Message from the Chair
- Bar Business Taxation Section Overview
Accounting for the Reserve for Depreciation: Estates and Trusts
By Robert J. Suhajda1
I. INTRODUCTION
When an estate or trust contains assets that lose their value due to wear, tear, decay, corrosion, or gradual obsolescence, it is important for practitioners, who include estate planners, lawyers, accountants, and professional trustees to address the issue before drafting the governing documents in order to capture the testator’s or trustor’s intent regarding changes in the valuation of principal assets.