AFIT
ADVANCED FEDERAL INCOME TAXATION OF ESTATES, TRUSTS, AND BENEFICIARIES AND ADVANCED 1041 RETURN PREPARATION ISSUES

This one-day program is designed to provide comprehensive coverage of federal income tax provisions for estates, trusts, and beneficiaries. The in-depth presentation includes a concise and practical explanation of Subchapter J and related sections in the Internal Revenue Code. Previous formal training in this area of income taxation is desirable.

Major topics include:

• The significant tax attributes that flow out to beneficiaries on termination of an estate and trust
• The five-step approach to complete a fiduciary tax return for a complex trust and/or estate using flowcharts and examples
• The use of the charitable lead trust
• Depreciation and depletion deductions for estates and trusts, and state law nuances, fully explained and illustrated
• The alternative minimum tax as it applies to estates and trusts
• When capital gains are included in fiduciary income
• The significant tax attributes of charitable remainder annuity trusts and charitable remainder unitrusts
• Asset protection and tax reduction
• Inclusion of current tax changes

Designed for: All tax practitioners who need to understand the advanced-level issues of Form 1041 preparation.

Level of knowledge: Advanced

Field of study: Taxes