Table of Contents.

Description:

In this introductory textbook, you’ll gain a fundamental knowledge of 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.  It 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, including how to file Form 1041.

Introduction to Trusts and Form 1041 covers:

• Identifying the filing requirements for trusts.
• Recognizing accounting periods available to trusts.
• Recognizing accounting methods available to trusts.
• Calculating the appropriate estimated tax payments for a trust.
• Computing the basis of trust assets.
• Computing income in respect of a decedent.
• Distinguishomg between expenses that are subject to the 2% of AGI limitation and those that are not subject to the limit.
• Allocating deductions among income types.
• Summarizing the tax effect of distributions made to beneficiaries and how income is allocated.
• Calculating distributable net income (DNI), fiduciary accounting income (FAI), and the income distribution deduction.
• Completing a basic Form 1041 and Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., for a trust or an estate.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2018

Format: Electronic

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Introduction to Trusts and Form 1041 Self-Study Course

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