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Form 1041: Income Taxation of Estates and Trusts (136-16)
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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 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.

11/28/2016
When: Monday, November 28, 2016
7:30 AM - 3:45 PM
Where: UACPA Training Room
136 South Main Street, Suite 510
Salt Lake City, Utah  84101
United States
Presenter: Michael Blackburn
Contact: April Deneault
801-466-8022


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Acronym ITET16
CPE 8 hours
Category
Tax
Level Basic
Vendor AICPA
Who should attend

CPAs and financial planners with basic knowledge of federal income tax concepts

Prerequisite
None
Fees: Early Bird
(through 11/14)
Standard
(after 11/14)
Member $257 $285
Non-Member: N/A
$340

AICPA Members receive an additional $30 off the price of this course. Use promo code AICPA8 at checkout to receive the discount.

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description 
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 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. Specific topics include:

  • 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

Objectives

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

 

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