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
Instructor
Klaralee R. Charlton
Klaralee Charlton is a Partner at 3i Law in Denver, Colorado. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. Klaralee also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She is an active member of the Colorado Bar Association, Tax Section and Adjunct Profession at the University of Denver, Graduate Tax Program.
She earned her J.D. in 2011 from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver in 2013, and her B.A. in political science in 2009 from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.