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Advanced 1041 Boot Camp (AP41)

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Self-Study SELECT STARTING AT $175 (On Demand)

Downloadable PDF

Credits: 12

Qualifies For: IRS CPE

$175

Textbook

Credits: 12

Qualifies For: IRS CPE

$190
  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

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Advanced 1041 Boot Camp (AP41)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    12
  • Qualifies for

    IRS CPE

Overview

The use of trusts must be re-evaluated in a post-tax reform world, with higher income tax rates for both the trust and its beneficiaries. 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:

  • Tax reform update
  • Case studies with completely filled-in forms tracking the flow of tax items and worksheets
  • Taking advantage of separate shares and the merged estate
  • Merging estates and trusts for income tax purposes
  • Special problems of estates and trusts relating to the 3.8-percent tax on investment income
  • 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
  • Funding pecuniary marital trusts
  • Charitable deductions (Schedule A)
  • Charitable remainder trusts (Form 5227) and the ordering rules
  • Depreciation problems & 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)
  • Post-election developments relative to potential estate tax repeal, and the implications for tax planning 

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

Prerequisite:

Previous coursework in Form 1041 preparation or equivalent knowledge and experience

Advanced Preparation:

None

  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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