Taking Advantage of Form 1041 Elections FLEXCAST
Available Until
Your Desk
2.0 Credits
Member Price $98.00
Non-Member Price $113.00
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. Code Sec. 663(b) Election- the 65 day rule. Code Section 643(g) Election- Allocating Estimated Tax Payments to Trust or Estate Beneficiaries. Use Form 1041-T to Make the Election. Code Section 454(a) Election- Recognizing Accrued Interest on US Savings Bonds Upon Owner’s Death. Code Section 642(g) Election- Waiving of Right to Deduct Administration Expenses or Casualty. Theft Losses on Form 706. Code Section 641(c)(1) Election- Ability to Accelerate Trust or Estate Charitable Contribution Into Year Prior to Payment. Code Sec. 643(e)- Recognizing Gain on Property Distribution. Code Sec. 1361(d)(2)(a) Election- 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.
Leader(s):
Leader Bios
Claudia Hill, Western CPE
Claudia Hill, EA, MBA, is a nationally recognized tax professional and a frequent lecturer on taxation of individuals and representation before the IRS. She’s the editor in chief of CCH’s Journal of Tax Practice & Procedure, coauthor of CCH Expert Treatise Library: Tax Practice and Procedure, and a frequent presenter for both live and audio CPE seminars. Named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year, she coordinates a “dream team of tax controversy advisors” for the IRS Watch blog on Forbes.com.
Claudia served on the 1987 Commissioner’s Advisory Group to the National Office of the IRS. She’s the owner and principal of TaxMam, Inc. and TMI Tax Services Group, Inc. in Cupertino, California. TMI offers quality tax return preparation, tax advisory services, and controversy representation services to small businesses and individual taxpayers.
Non-Member Price $113.00
Member Price $98.00