Course ID: ITTE

Income Taxation of Trusts and Estates: Planning and Preparation of Form 1041

Subchapter J of the Internal Revenue Code governs income taxation of estates and trusts; an area of tax law with numerous special rules, regulations, and professional customs. Form 1041 is unlike any other income tax return a tax professional encounters. This program explains the unique tax rules, and opportunities for the knowledgeable tax advisor to provide valuable tax services to fiduciaries; from special tax accounting, to options for reporting trust income and expenses.


LEARNING OBJECTIVES
  • State of decedent as a taxpayer: filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements and preparation of Form 1041
  • Unique classification of some income and expenses
  • Distributable Net Income (DNI): the concept and its application

MAJOR TOPICS
  • Estate of decedent as a taxpayer: filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements
  • Unique classification of some income and expenses
  • Distributable Net Income: the concept and its application

DESIGNED FOR
Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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