FORM 1041

1. Auflage 2020
ISBN: 978-1-119-76379-6
Verlag: WILEY

Buch, Englisch, 240 Seiten, Format (B × H): 212 mm x 284 mm, Gewicht: 546 g

Reihe: AICPA

Protect your clients' assets and shield their estates from increased taxation brought about by changing tax laws. This book can help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. It provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. In addition, you will also learn how to prepare federal Form 1041, US Income Tax Return for Estates and Trusts.

Key topics covered include:

* How are trusts and estates taxed under the internal revenue code?
* What is a trust? What is a "simple trust?" What is a "complex trust?"
* How is the "income" of a trust or estate defined for tax purposes?
* What are the ordinary deductions and credits allowed?
* How is the "deduction for distributions" to beneficiaries determined?
* How are trust and estate beneficiaries taxed?
* What is a "grantor trust" and how is it taxed?
* How to prepare Form 1041.

Autoren/Hrsg.

Brooks, Stephen

Fachgebiete

• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)

Inhaltsverzeichnis

Chapter 1 1-1What is a Trust? What is an Estate? 1-1What is a trust? 1-2Decedent's estates 1-15Chapter 2 2-1The Fundamentals of Fiduciary Accounting 2-1Fiduciary accounting under the UPAIA 2-4Distinguishing income from principal under the UPAIA 2-5The allocation of disbursements 2-15Practice exercise 2-1 2-25Chapter 3 3-1Taxation of Trusts and Decedent's Estates: An Overview 3-1Introduction 3-2Defining passive income 3-9Accounting periods 3-11Section 645 election 3-12Accounting methods 3-13Estimated tax 3-14Tax identification number 3-16Chapter 4 4-1Gross Income for Trusts and Decedent's Estates 4-1Items to include 4-3Treatment of property distributed in-kind 4-6Chapter 5 5-1Ordinary Deductions and Credits 5-1Trade or business expense 5-2Income-producing activities 5-3Interest 5-4Taxes 5-6Losses and bad debts 5-7Depreciation, amortization, and depletion 5-10Deductions and credits in respect of a decedent: Section 691(b) 5-13Deduction for estate taxes paid: Section 691(c) 5-14Deductions that may be allowable for estate tax purposes 5-15Qualified business income deduction for trusts and estates 5-16Charitable contribution deductions 5-17Suspension of miscellaneous itemized deductions subject to the two-percent floor 5-20Deduction in lieu of exemption 5-21Tax credits 5-22Chapter 6 6-1The Income Distribution Deduction 6-1Defining DNI 6-2Distinguishing simple trusts from complex trusts 6-4Section 651(a): Deduction for distributions to beneficiaries of a simple trust 6-5Section 661(a): Deduction for distributions of complex trusts and decedent's estates 6-9Practice exercises 6-14Chapter 7 7-1How Beneficiaries are Taxed 7-1The taxation of a simple trust beneficiary 7-2The taxation of complex trust and estate beneficiaries 7-7Practice exercises 7-13Chapter 8 8-1Special Rules Round-Up 8-1Unused deductions passed through to beneficiaries upon termination of an estate or trust 8-2The throwback rules 8-3Special rules applicable to Sections 661 and 662 8-5Practice exercise 8-1 8-10Chapter 9 9-1The Tax Treatment of Grantor Trusts 9-1When is a grantor treated as an owner? 9-3Reversionary interests 9-7Power to control beneficial enjoyment 9-9Retention of administrative powers 9-13Power to revoke 9-15Income for benefit of grantor 9-16Person other than grantor treated as substantial owner 9-18Foreign trusts having one or more U.S. beneficiaries 9-19Chapter 10 10-1Taxation of Special Trusts 10-1Pooled income funds 10-2Electing small business trusts 10-5Bankruptcy estates 10-11Special rule for certain revocable trusts: Section 645 10-14Chapter 11 11-1Filing Form 1041: U.S. Income Tax Return for Estates and Trusts 11-1Who must file 11-2Method of reporting for grantor trusts 11-4Pooled income funds 11-7Electing small business trust 11-8Bankruptcy estate 11-10Other types of trusts 11-12When to file 11-13Who must sign 11-14Interest and penalties 11-15Appendix A A-1Form 1041: U.S. Income Tax Return for Estates and Trusts A-1Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 3Chapter 3 Solutions 6Chapter 4 Solutions 7Chapter 5 Solutions 8Chapter 6 Solutions 9Chapter 7 Solutions 18Chapter 8 Solutions 21Chapter 9 Solutions 23Chapter 10 Solutions 25Chapter 11 Solutions 2

Über Autor(innen)

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.