To provide preparers with a working knowledge of applicable tax laws as well as the hands-on ability to prepare complete and accurate fiduciary and estate tax returns.

• Fiduciary Income Tax
• Types of taxable entities that file Form 1041
• Filing requirements for estates and trusts
• Simple and complex trusts
• Calculation of trust taxable income
• Income distribution
• Trust income tax calculation introduced in TCJA
• Special considerations
• Throwback rule
• Termination of estates and trusts
• The Unified Credit/Exemption Equivalent
• Applicable credit
• Valuation of estate assets
• Information needed to prepare estate returns
• Form 706 Schedules A through O
• Capital gains
• Tax-effective distributions to beneficiaries
• Grantor Trusts
• Estate elections

To provide preparers with a working knowledge of applicable tax laws as well as the hands-on ability to prepare complete and accurate fiduciary and estate tax returns.

DETAILED LEARNING OBJECTIVES

• Recognize the filing threshold for the estate tax return

• Recognize the due date for the filing of the estate tax return

• Recognize the proper placement of a decedent’s assets on the Form 706 Schedules

• Recognize how to report the value of joint interests on a decedent’s estate tax return

• Recognize the gross estate inclusion rules of Sections 2035 through 2038

• Identify which types of expenses are properly reported as debts of the decedent on the estate tax return

• Identify an estate’s initial tax year

• Identify the available tax year for an estate

• Identify the available tax year for a trust

• Identify the filing threshold for Form 1041 

• Recognize the applicability of the passive activity rules to estates and trusts

• Recognize the grace period in which an estate can use a decedent’s prior activity losses

• Recognize income in respect of a decedent

• Recognize how income in respect of a decedent is reported

• Recognize the degree to which certain income and deductions available to individuals are (or are not) available to estates and trusts

• Recognize the applicability of a deduction for investment interest expense for estates and trusts

• Recognize the percentage threshold required of a decedent’s closely held business valuation to gross estate valuation to defer estate taxes under Section 6166

• Identify the percentage of direct and indirect expenses deductible by an estate or trust when the estate or trust earns both taxable and nontaxable income

• Identify the extent to which a simple or complex trust can deduct charitable contribution

• Identify the circumstances under which estate administrative expenses can be deducted

• Identify under which circumstances double deductions are allowed on a fiduciary tax return

• Identify which expenses can only be deducted on the decedent’s final Form 1040

• Fiduciary Income Tax
• Types of taxable entities that file Form 1041
• Filing requirements for estates and trusts
• Simple and complex trusts
• Calculation of trust taxable income
• Income distribution
• Trust income tax calculation introduced in TCJA
• Special considerations
• Throwback rule
• Termination of estates and trusts
• The Unified Credit/Exemption Equivalent
• Applicable credit
• Valuation of estate assets
• Information needed to prepare estate returns
• Form 706 Schedules A through O
• Capital gains
• Tax-effective distributions to beneficiaries
• Grantor Trusts
• Estate elections