Estate & Fiduciary Tax Returns: A Practical Workshop Self-Study Webinar (10 Hours)


Forms 1041 and 706 are possibly the most difficult and misunderstood tax returns that tax professionals prepare. In this problem-solving self-study webinar based on true-to-life scenarios, you will:

  • Discover the best techniques for preparing Forms 1041 and 706
  • Learn methods for gathering information from trustees and fiduciaries
  • Understand the impact of various election options
  • Understand the interaction between the two returns

To provide preparers with a working knowledge of applicable tax laws and the hands-on ability to prepare complete and accurate fiduciary and estate tax returns. This practical self-study webinar will also equip you with effective post-mortem tax planning techniques.

  • Filing requirements for estates and trusts
  • Simple and complex trusts
  • Choice of annual accounting period
  • Calculation of taxable income
  • Capital gains
  • Tax-effective distributions to beneficiaries
  • Grantor trusts
  • Income in respect of a decedent
  • Estimated tax rules
  • Gross estate calculation
  • Unified credit after the Tax Cuts and Jobs Act of 2017
  • Estate elections
  • Valuation issues

Recognize the filing threshold for the estate tax return

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

Recognize the reason why a decedent’s lifetime adjusted taxable gifts are included in the estate tax calculation

Identify the date of the “alternative valuation date”

Identify the reason behind the use of the alternative valuation date in valuing the gross estate

Identify when the alternative valuation election is available

Identify when the special use valuation rules can be applied

Identify how real estate is generally valued on the estate tax return

Identify the rules for valuing a closely-held stock

Recognize when the value of a life insurance policy on a decedent’s life is includible in the decedent’s gross estate

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 the available tax year for an estate

Identify the available tax year for a trust

Identify the characteristics of an IRC Section 645

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 passive 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 available to 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 how to determine the deductibility of indirect expenses 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 contributions

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

Identify administrative expenses of an estate or trust not subject to the 2% AGI threshold

Recognize the maximum amount a trust or estate can claim as a distribution deduction

Recognize an estate’s or trust’s taxable income

Recognize an estate’s or trust’s DNI

Recognize the ramifications of an estate’s or trust’s DNI

Recognize what determines a trust’s or estate’s income required to be distributed currently

Recognize how an estate’s or trust’s capital gains are taxed


Basic knowledge of taxation.


No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: