Build a practical foundation for understanding the income taxation of estates and trusts. This course explains key fiduciary tax concepts and shows how the rules for estates and trusts differ from those for individual taxpayers.
DESIGNED FOR
CPAs, tax professionals and other accounting and finance professionals who prepare, review or advise on fiduciary income tax matters involving estates and trusts.
BENEFITS
Strengthen your understanding of fiduciary income taxation and learn how to identify and apply core concepts used in Form 1041 reporting, beneficiary taxation and trust distribution calculations.
HIGHLIGHTS
• Common estate and trust terminology, governing documents and operative law
• Major income tax differences between estates and trusts
• Fiduciary Accounting Income (FAI)
• Computation of taxable income for estates and trusts
• Distributable Net Income (DNI)
• Simple trusts and related distribution deductions
• Allocation of income, deductions and depreciation
• Schedule K-1 considerations and practical trust calculation problems