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Introduction to Trusts and Form 1041 Textbook (2021) - #21322

Introduction to Trusts and Form 1041 Textbook (2021) - #21322

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Gain an introduction to trusts, including how and why various types of trusts are created, the rights and duties of the parties involved, and fiduciary income tax filing requirements. This textbook provides information on how to complete a basic income tax return for a trust by analyzing its income, deductions and distributions during its existence and upon termination.

Table of Contents.

Topics include:

  • Outlining the components and proper administration of a trust
  • Identifying the filing requirements for trusts
  • Differentiating accounting periods and methods available to trusts
  • Calculating the appropriate estimated tax payments for a trust
  • Computing the basis of trust assets
  • Determining deductible trust expenses and proper allocation
  • Summarizing the tax effect of distributions made to beneficiaries
  • Calculating income in respect of a decedent (IRD), distributable net income (DNI), fiduciary accounting income (FAI) and the income distribution deduction (IDD)
  • Completing a basic Form 1041, Income Tax Return for Estates and Trusts, and Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., for a trust

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 214 Pages

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