Advanced Fiduciary Tax Workshop

General Description:

This course will enhance practitioners' knowledge and understanding of the rules that apply to preparing Form 1041 for an estate or trust.

Learning Objective:

After completing this course the participant will be able to:

• List the six steps in calculating taxable income, including calculating the 3.8% Medicare tax on net investment income.
• Calculate the Alternative Minimum Tax and AMT adjustments on Schedule K-1.
• Identify distributions that are excepted from the distribution rules and variable tier rules.
• Determine the effect of charitable contributions on Tier 1 beneficiaries.
• Describe the options for distributions of property, including specific bequests, Kenan transfers, and distributions of property that fall within the distribution rules.
• Illustrate the advantages and disadvantages of the §643(e)(3) election.
• Review marital deduction formula clauses.
• Explain the Estate of Hubert regulations and the effect of administrative expenses on the marital deduction.
• Apply the separate share rule to trusts and estates and describe how to avoid the problem.
• Discuss the grantor trust rules of §671 to §678, especially §677 and §678.
• Define income in respect of a decedent, deductions in respect of a decedent, and the tax effect of the sale of the decedent's principal residence.
• Identify distribution options for retirement plans and IRAs.
• Recognize the tax treatment of trusts including marital trusts, credit shelter trusts, grantor trusts, intentionally defective grantor trusts, living trusts, dynasty trusts, QSSTs, and ESBTs.
• Discuss excess deductions in year of termination and allocation of the deduction for qualified production activities income.
• Describe the use of a charitable remainder trust.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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