Protect your clients' assets and shield their estates from increased taxation
brought about by the changing tax code. This CPE course will help you to
understand the tax obligations of trusts and estates and how these obligations
affect beneficiaries. The course provides exercises and examples that reflect the
calculation and allocation of taxable income and its presentation on the
appropriate forms. You will also learn how to prepare federal Form 1041 and the
accompanying schedules.
Learning Objectives
- Apply the concepts of federal income taxation of estates and trusts.
- Calculate the gross income of trusts and estates.
- Identify which deductions and credits are allowed for estates and
trusts.
- Recognize distributable net income and understand its significance.
Major Topics
- How trusts and estates are taxed under the internal revenue code
- What is a trust, a simple trust and a complex trust
- How the income of a trust or estate is defined for tax purposes
- What the ordinary deductions are and what credits are allowed
- How the deduction for distributions to beneficiaries are determined
- How trust and estate beneficiaries are taxed
- What a "grantor trust" is and how it is taxed
- How Form 1041 is prepared
