EST2413. Form 1041 training – types of trusts (grantor, simple, complex), basic trust concepts (TAI, DNI, TTI, IDD), and elections

This session will provide an overview of the basics of the income taxation of estates and trusts including the structure of Subchapter J including the calculation of taxable income, the concept of distributable net income (DNI), the types of trusts (simple, complex and grantor), trust accounting income, the distribution system, the allocation of expenses among the classes of income, the fiduciary income tax charitable deduction, termination of a trust or estate and the election to deduction administration expenses on the Form 1041.

Learning Objectives:

• Learn the basics of the income taxation of estates and trusts
• Learn how the distribution system works and how the taxable income is allocated between the entity and beneficiaries
• Feel more comfortable with how the income taxation of trust and estates are taxed and reported on a Form 1041