<liDistinguish fiduciary accounting income from taxable income and distributable net income</font
</li<liAccount for distributions for accounting and tax purposes</font
</li<liIdentify how the fiduciary income tax return differs from individual income tax</font
</li<liUnderstand state law on principal and income</font </li</ul</ul
 </div

<liReview of major legal and tax concepts</font
</li<liConcepts of fiduciary accounting: Principal and income</font
</li<liThe Uniform Principal and Income Act: how specific state laws on principal and income applied to common expenditures and receipts</font
</li<liHow fiduciary accounting determines the timing and amount of distributions</font
</li<liThe crucial differences between fiduciary accounting and tax accounting</font
</li<liDistinguishing fiduciary accounting income from distributable net income</font
</li<liSplitting income between the fiduciary and the beneficiaries: distributable net income</font
</li<liHow to set up an accounting system for an estate or trust, prepare a judicial accounting, and record-keep for fiduciary accounting</font
</li<liHow practitioners can handle audits of estates and trusts</font
</li<liVarious exercises and problems</font </li</ul</ul
 </div
 </div