The first step in computing an estate's taxable income is the determination of its fiduciary accounting income for the year.

Name: The first step in computing an estate's taxable income is the determination of its fiduciary accounting income for the year.
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Fiduciary accounting income is used to determine the amount of income that is distributable to beneficiaries, which is a necessary step before calculating the estate's taxable income.

The First Step in Computing an Estate's Taxable Income Is