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Introduction to Estates and Form 1041 Textbook (2021) - #21313

Introduction to Estates and Form 1041 Textbook (2021) - #21313

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Overview

Description:

Once a taxpayer passes away, their assets become part of their estate. Those assets can generate income, which may require the taxpayer to file Form 1041, U.S. Income Tax Return for Estates and Trusts. This textbook explains the basic rules governing the administration of a decedent’s estate. It also explains how to prepare Form 1041 for a decedent’s estate. Learn about the income and expenses, and the accounting concepts surrounding a fiduciary income tax return. Review examples throughout that culminate in a full return at the end of the book.

View Table of Contents.

Topics include:

  • The filing requirements for a decedent’s estate
  • Required documents and forms for completing Form 1041 for an estate
  • Identifying income and expenses reported on an estate Form 1041
  • Calculating the income and expenses of an estate
  • Calculating income in respect of a decedent in compliance with both tax law and governing document
  • Calculating distributable net income, fiduciary accounting income, and the income distribution deduction in compliance with both tax law and governing documents
  • Identifying requirements to treat a revocable trust as part of an estate
  • Evaluating whether an election to treat a revocable trust as part of the estate minimizes tax
  • Reporting estate income, credits and deductions to beneficiaries
  • Completing Form 1041, U.S. Income Tax Return for Estates and Trusts

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 166 Pages


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