Form 1041: Advanced Concepts in Fiduciary Income Tax (Part 2) (Currently Unavailable)

Author: Klaralee R. Charlton

CPE Credit:  6 hours for CPAs
6 hours Federal Tax Related for EAs and OTRPs
6 hours Federal Tax Law for CTEC

This self-study course looks at the more advanced concepts in fiduciary taxation and how those are applied on Form 1041. Distributable Net Income is covered in more detail and how trusts are reflected on the return get a closer look as instructor Klaralee Charlton applies the concepts learned in Part 1 and extends those concepts into how they apply to a Form 1041 for a complex trust.

Publication Date: November 2021

Designed For
All CPAs, EAs, estate planners, financial advisors and others who advise clients on estate and trust matters would benefit from this course.

Topics Covered

  • Income Distribution Deduction
  • Schedule K”1: Hints and Tips
  • Treas. Reg § 1.652(b)”3: Allocation of Expenses Against Income
  • Advanced Pecuniary Bequests
  • Marital Share Funding
  • Schedule K”1: Hints and Tips
  • Treas. Reg § 1.652(b)”3: Allocation of Expenses Against Income
  • Sub Trust Funding Formulas
  • Types of Funding Mechanisms
  • Tax Consequences of Funding the Sub Trusts
  • Sales of Entities and Income from PassThrough Entities
  • Effects of I.R.C. § 199A on Entities and Beneficiaries
  • Separate Share Rule I.R.C. § 663(c)
  • I.R.C. § 643(e)(3) Election
  • Income in Respect of a Decedent
  • Charitable Deduction
  • Tax Credits and Withholding Obligations
  • Complex Trust Case Study

Learning Objectives

  • Recognize advanced income distribution deductions
  • Identify how to allocate income and expenses
  • Recognize advanced pecuniary bequests
  • Describe marital share funding & formulas
  • Identify passthrough Entity Income Issues
  • Identify 199A issues
  • Recognize 643(e)(3) Election Options
  • Describe 643(e)(3) Election Options
  • Identify Charitable Deductions
  • Recognize which IRC Sections prescribes the rules with respect to the income distribution deduction
  • Identify the lowest tax rate applicable to trust taxable income
  • Identify the top trust income tax rate
  • Describe what represents a type of principal with respect to a trust/estate
  • Differentiate which IRS Forms are used to request a taxpayer's identification number and certification
  • Identify the withholding rate for distributions of income to a foreign beneficiary
  • Describe common types of potential IRD
  • Identify the most important takeaways from the course

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
None

Advance Preparation
None

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