This seminar will focus on preparation of Form 1041 and will discuss estate/trust taxation; identify different types of trusts; understand differences between trust accounting income and taxable income; classify receipts between “income” and “corpus”; determine taxation of distributions to beneficiaries, distributable net income and income distribution deduction; allocate income and expenses including deduction rules for bundled expenses; discuss impact of the net investment income tax on estates/trusts; apply separate share rule; terminate and liquidate trusts. Review practical examples throughout, including sample returns illustrating various concepts discussed. CPAs, Tax Pros attend the Zoom LVC seminar to best advise clients.
