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Form 1041: Income Taxation of Estates and Trusts

Author/Moderator: Robert Ricketts, Ph.D., CPA & Larry Tunnell, Ph.D., CPA
Publisher: AICPA
Availability: Varies by Format (See Below)
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Protect your clients’ assets and shield their estates from increased taxation brought about by the changing tax code. Understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. This CPE course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare Federal Form 1041 and the accompanying schedules.

Topics Discussed:

  • How are trusts and estates taxed under the internal revenue code?
  • What is a trust? What is a “simple trust?” What is a “complex trust?”
  • How is the “income” of a trust or estate defined for tax purposes?
  • What are the ordinary deductions and credits allowed?
  • How is the “deduction for distributions” to beneficiaries determined?
  • How are trust and estate beneficiaries taxed?
  • What is a “grantor trust” and how is it taxed?
  • How to prepare Form 1041

Learning Objectives:
When you complete this course you will be able to:

  • Apply the concepts of federal income taxation of estates and trusts.
  • Calculate the gross income of trusts and estates.
  • Describe what deductions and credits are allowed for estates and trusts.
  • Define distributable net income and understand its significance.

Who Will Benefit?
CPAs and financial planners with basic knowledge of federal income tax concepts

Prerequisite: None

Advanced Preparation: None

Enhanced On-Demand Format
This enhanced on-demand format features audio and voice narration to keep you actively engaged with the course content. Additionally, updated course navigation allows you to easily move throughout the material. For your convenience, a PDF version of the text manual is included for download to use as a reference guide.

NASBA Field of Study: Taxes
Level: Basic
Recommended CPE Credit: Text - 8; On-Demand 9.5
Form 1041: Income Taxation of Estates and Trusts
Text , 2015
Product# 736951
Availability: In Stock
AICPA Member:$149.00
Your Price:$189.00
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