Trusts

PROGRAM CONTENT

This course provides continuing professional education (CPE) to enhance knowledge of the taxation of trusts. Topics include simple and complex trusts, grantor trusts, trust accounting income, income distribution deduction, distributable net income, and Form 1041, U.S. Income Tax Return for Estates and Trusts.

CPE CREDIT HOURS

2 Credit Hours. One 50-minute period equals one CPE Credit Hour.

LEARNING OBJECTIVES

• Trust Types and Requirements
  • 1-A Classify different types of trusts.
  • 1-B Recognize the reporting methods for grantor trusts.
  • 1-C Define trust accounting income.
  • 1-D Identify trust tax filing requirements.
• Trust Income Tax Return (Form 1041)
  • 2-A Classify and report income generated by a trust.
  • 2-B Identify and report deductions available to a trust.
  • 2-C Calculate a trust’s distributable net income (DNI).
  • 2-D Determine alternative minimum tax (AMT) requirements for trusts.
  • 2-E Recognize the treatment of losses in a trust.
  • 2-F Determine Schedule K-1 requirements for beneficiaries of trusts.

RECOMMENDED PARTICIPANTS

Tax professionals who prepare individual income tax returns are encouraged to participate in this course.

PROGRAM LEVEL

Overview. This course provides a general overview of the subject area from a broad perspective. It is appropriate for tax professionals at all organization levels.

*All CE hours issued by The Tax Book