Course ID: ITOTE

Income Taxation of Trusts and Estates

This course focus on the income taxation of trusts and estates. It is designed for someone who has a strong foundation in the income tax rules for individuals because that is the starting point for understanding the computation of taxable income for trusts and estates. The course includes practical application, problem solving, and discussion of planning opportunities.

In-person and live webcast CPE credit: up to 6.0

Learning Objectives

After completing this course, you will be able to:

Interpret the definition of a trust and an estate and how they are used for planning.
Formulate fiduciary accounting income.
Formulate taxable income for trusts and estates.
Formulate the income distribution deduction for trusts and estates.
Assess how beneficiaries of an estate or trust are taxed.

Major Topics

Defining trusts and estates
Computing fiduciary accounting income
Computing taxable income
Understanding DNI and the distribution deduction
Tax effects to beneficiaries
Filing requirements for Form 1041

Advanced Preparations

None

Who Should Attend

Senior staff, managers, and partners

Fields of Study

Taxes

Prerequisites

Strong foundation in individual income taxation

Provider

Business Learning Institute

CPE Credits

6.0

Level

Advanced

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