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fiduciary accounting income
(Tax Law)
Fiduciary accounting income (FAI) does not refer to income for tax purposes; instead, it refers to receipts allocated to income rather than to corpus. It is the amount of income determined under local law or under the specific terms of the governing trust instrument. It is similar, but not identical, to the concept of book income. IRC � 643(b).
Source : Internal Revenue Service - United States Department of Treasury
Language : Latin