AP41
ADVANCED FORM 1041 PRACTICE WORKSHOP
The use of trusts must be re-evaluated in a post-tax reform world, with higher income tax rates for both the trust and its beneficiaries. Practitioners who understand the basics of Subchapter J and Form 1041 compliance soon encounter complex problems requiring sophisticated applications. This course builds upon our intermediate-level course to concentrate on the most difficult issues in practice. This is an essential offering for the practitioner with high-powered clients.
Major Topics:
- Case studies with completely filled-in forms tracking the flow of tax items and worksheets
- Taking advantage of separate shares and the merged estate
- Merging estate and trusts for income tax purposes
- Alternative minimum tax for trusts and estates (Schedule G)
- Grantor trusts: identification and compliance issues
- Income in respect of a decedent, deductions in respect of a decedent, and the §691(c) deduction: calculation and allocation
- Pension plan distributions to trusts
- Funding pecuniary marital trusts
- Charitable deductions (Schedule A)
- Charitable remainder trusts (Form 5227) and the ordering rules
- Depreciation problems and special issues of holding rental real estate
- Special problems for a trust or estate holding a partnership interest or S corporation stock (ESBTs and QSSTs)
Learning Objectives:
- Identify items of income in respect of a decedent (IRD) and calculate the §691(c) deduction
- Understand how depreciation and alternative minimum tax applies to estates and trusts
- Prepare Form 1041 and Form 5227 for charitable trusts
- Distinguish grantor and non-grantor trusts
Designed For: CPAs who are heavily involved in Form 1041 preparation.
Level of Knowledge: Advanced
Prerequisite: A course in Form 1041 preparation and experience in preparation
Advanced Preparation: None
CFP: Qualifies for live seminars only – not for self-study or webinars
Yellow Book: No
New: No
Field of Study: Taxes
Live Seminar Schedule
Self-Study Pricing and Credit Information
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