Taking Advantage of Form 1041 Elections - FLEXCAST

Overview

In this class from Claudia Hill, EA, MBA, you’ll get a more in-depth look at seven different kinds of elections that are commonly encounter when filling out a form 1041. The first half of the class will be spent on the variety that are more straightforward, while the back half will focus in on the more complex of elections- the elections for a trust to be treated as if it were an estate.

Highlights

65 Day Rule. Estate and Trusts Tax Rates. Individual Tax Rates. Form 1041-T.

Prerequisites

None.

Designed For

CPAs, accounting staff, enrolled agents and tax practitioners.

Objectives

What is an election? Examples of common elections. The 65 day rule. Allocating Estimated Tax Payments to Trust or Estate Beneficiaries. Use Form 1041-T to Make the Election. Recognizing Accrued Interest on US Savings Bonds Upon Owner’s Death. Waiving of Right to Deduct Administration Expenses or Casualty. Theft Losses on Form 706. Ability to Accelerate Trust or Estate Charitable Contribution Into Year Prior to Payment. Recognizing Gain on Property Distribution. Qualified Subchapter S Trust (QSST) Treated as a Permitted Shareholder. Code Sec. 645 Election- Certain revocable trusts can elect to be treated as estates. Advantages and Disadvantages of Making the Election. Mechanics of Making the Election. Election Period and Filing Requirements.

Preparation

None.

Notice

• This is a FlexCast™ (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. 
• You may take up to one year from the date of purchase to complete the course. 
• Pause your FlexCast and resume at a convenient day during the hours above.  
• Partial credit for 2+ credit courses:  If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning.   
•  Use chat to ask questions of a subject matter expert during the program.