PMEP
POST-MORTEM ESTATE PLANNING: FORMS 706, 1041, AND 1040
Emphasizing special
rules and elections, the decedent's estate tax return, and the estate's
income tax returns, this course uses a nuts-and-bolts approach to competent
post-mortem estate planning. Learn how to minimize taxes on estate and
inheritance tax returns, estate income tax returns, and the decedent's
final income tax return. Presented with practical examples, it provides
practice points, case examples, and checklists.
Major topics
include:
Issues regarding Form
706
- Alternative valuation
date issues
- Installment payments
of estate taxes
- Corporate redemptions
- QTIP elections
- Planning with
qualified disclaimers -- Avoiding the loss of your exemption equivalent
- Key issues to
understand in dealing with basis step-up
- Post-mortem tax
planning checklist
Issues regarding
Form 1040
- Working with incorrect
W-2 and 1099 Forms
- Partnership and
S Corporation K-1 issues and problems in year of death
- Decedent carryover
losses and credit -- What to do with passive loss investment, interest,
and more
- Estimated taxes
- Final return --
Joint or separate?
- Medical expenses
of final illness
- Savings bond interest
acceleration
Issues regarding
Form 1041
- Estate fiscal year
and accounting method elections
- Sheltering income
from the highest tax rate
- Passing out administrative
expenses to maximize benefits to beneficiaries
- The 65-day rule
election
- Income and deductions
in respect of the decedent -- Opportunities and pitfalls to watch out
for
- Qualified plans
and IRAs
Designed
for: CPAs who must advise estates and beneficiaries
and are responsible for post-mortem estate planning.
Level
of knowledge: Intermediate
Field
of study: Taxation
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