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Trusts Part 3 - Terminating a Trust On-Demand Webinar

Summary

When faced with preparing Form 1041, U.S. Income Tax Return for Estates and Trusts, it’s important to know when the trust can be wrapped up and terminated for tax purposes. There is more to terminating a trust than just checking a box on Form 1041. This webinar will address distributions in the final year, including capital losses, net operating losses and final year expenses to beneficiaries. Additionally, we will discuss the distribution and taxation of trust corpus, which occurs when the assets held by the trust are distributed to the beneficiaries according to the terms of the trust document.

This webinar builds on concepts discussed in part one and part two, which cover trust formation and operation.

Objectives

Upon completion of this course, you will be able to:

  • Identify when a trust can terminate
  • Identify the difference between taxable income distributions and nontaxable property distributions
  • Explain when a trust should make a §645 election to be taxed as part of the estate
  • Prepare a final Form 1041 and Schedule K-1 for the beneficiaries

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.






   

Presented by: Jaye Tritz, EA, CFP®

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