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12.0 Credits

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. Updated for post-election developments relative to potential estate tax repeal, and the implications for trust planning.


  • 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

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
  • Merging estates and trusts for income tax purposes
  • Special problems of estates and trusts relating to the new 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 trust planning

Designed For

CPAs who are heavily involved in Form 1041 preparation


Previous coursework in Form 1041 preparation or equivalent knowledge and experience