Advanced Fiduciary Tax Workshop

Description

This course will enhance practitioners' knowledge and understanding of the rules that apply to preparing Form 1041 for an estate or trust.

Objectives

• List the six steps in calculating taxable income, including calculating the 3.8% Medicare tax on net investment income
• Calculate the Alternative Minimum Tax and AMT adjustments on Schedule K-1
• Identify distributions that are excepted from the distribution rules and variable tier rules
• Determine the effect of charitable contributions on Tier 1 beneficiaries
• Describe the options for distributions of property, including specific bequests, Kenan ­transfers, and distributions of property that fall within the distribution rules
• Illustrate the advantages and disadvantages of the §643(e)(3) election
• Review marital deduction formula clauses
• Explain the Estate of Hubert regulations and the effect of administrative expenses on the marital deduction
• Apply the separate share rule to trusts and estates
• Define trapping distributions and the Holloway adjustment
• Define income in respect of a decedent and deductions in respect of a decedent, and identify expenses on final return of decedent
• Identify distribution options for retirement plans and IRAs
• Recognize the tax treatment of trusts including marital trusts, credit shelter trusts, grantor trusts, intentionally defective grantor trusts, living trusts, dynasty trusts, QSSTs, and ESBTs
• Discuss excess deductions in year of termination and allocation of the deduction for qualified production activities income
• Describe the use of a charitable remainder trust