AP41
ADVANCED FORM 1041 PRACTICE WORKSHOP

The use of trusts promises to take on greater significance in a post-tax reform world. Practitioners who understand the basics of Subchapter J and Form 1041 compliance soon encounter complex problems requiring sophisticated applications. This course builds upon our intermediate-level course to concentrate on the most difficult issues in practice. This is an essential offering for the practitioner with high-powered clients.

Major Topics

• Case studies with completely filled-in forms tracking the flow of tax items and worksheets
• Taking advantage of separate shares and the merged estate
• Alternative minimum tax for trusts and estates (Schedule G)
• Grantor trusts: identification and compliance issues
• Income in respect of a decedent, deductions in respect of a decedent, and the §691(c) deduction: calculation and allocation
• Pension plan distributions to trusts
• Funding pecuniary marital trusts
• Charitable deductions (Schedule A)
• Charitable remainder trusts (Form 5227) and the new ordering rules
• Depreciation problems and special issues of holding rental real estate
• Special problems for a trust or estate holding a partnership interest or S corporation stock (ESBTs and QSSTs)

Learning Objectives

• Identify items of income in respect of a decedent (IRD) and calculate the §691(c) deduction
• Understand how depreciation and alternative minimum tax applies to estates and trusts
• Prepare Form 1041 and Form 5227 for charitable trusts
• Distinguish grantor and non-grantor trusts

Designed For: CPAs who are heavily involved in Form 1041 preparation.

Level of Knowledge: Advanced

Prerequisites: A course in Form 1041 preparation and experience in preparation