Form 1041: Advanced Concepts in Fiduciary Income Tax (Part 2)
Author: Klaralee R. Charlton
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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 Form 1041 for a complex trust.
Publication Date: February 2024
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
- IRC 1014 Basis Adjustment
- Basics of Fiduciary Accounting
- Advanced Income Distribution Deductions
- Pecuniary Bequests
- Allocating Capital Gains to Beneficiaries
- Charitable Deductions
- IRC 643(e)(3) Election Options
- Case Study 2
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
- Identify the year the Uniform Fiduciary Income and Principal Act (UFIPA) was finalized
- Identify the IRC that adjusts the decedent’s tax basis and restarts depreciation for rental real estate
- Identify the gold standard for showing fair market value with respect to real estate
- Identify the personal residence exclusion allowed for a trust or estate under IRC 121
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
