Estate & Fiduciary Tax Returns: A Practical Workshop Self-Study Webinar (11 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

• dentify 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: