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Advanced Form 1041 Practice Workshop (AP41)

  • Format Live Seminar
  • Credits 8
  • Level Advanced
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

The use of trusts must be re-evaluated in a post-tax reform world, with higher income tax rates for both the trust and its beneficiaries. Practitioners who understand the basics of Subchapter J and Form 1041 compliance soon encounter complex problems requiring sophisticated applications. This course builds upon our intermediate-level course to concentrate on the most difficult issues in practice. This is an essential offering for the practitioner with high-powered clients. Updated for post-election developments relative to potential estate tax repeal, and the implications for trust planning.

Major Topics

  • Case studies with completely filled-in forms tracking the flow of tax items and worksheets
  • Taking advantage of separate shares and the merged estate
  • Merging estates and trusts for income tax purposes
  • Special problems of estates and trusts relating to the new 3.8-percent tax on investment income
  • Alternative minimum tax for trusts and estates (Schedule G)
  • Grantor trusts: identification and compliance issues
  • Income in respect of a decedent, deductions in respect of a decedent, and the §691(c) deduction: calculation and allocation
  • Funding pecuniary marital trusts
  • Charitable deductions (Schedule A)
  • Charitable remainder trusts (Form 5227) and the ordering rules
  • Depreciation problems & special issues of holding rental real estate
  • Special problems for a trust or estate holding a partnership interest or S corporation stock (ESBTs and QSSTs)
  • Post-election developments relative to potential estate tax repeal, and the implications for trust planning

Learning Objectives

  • Identify items of income in respect of a decedent (IRD) and calculate the §691(c) deduction
  • Understand how depreciation and alternative minimum tax applies to estates and trusts 
  • Prepare Form 1041 and Form 5227 for charitable trusts
  • Distinguish grantor and non-grantor trusts

Who should take this course:


CPAs who are heavily involved in Form 1041 preparation

Previous coursework in Form 1041 preparation or equivalent knowledge and experience

None

Yes

Yes

No

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