Nearly every estate plan you draft will result in the family filing a fiduciary income tax return (Form 1041). This is often perceived as merely an incidental compliance burden. However, the income taxation of trusts and estates is deceptively complex. Understanding this area of tax law is critical for all but the simplest of cases. Establishing and maintaining a solid fiduciary tax foundation will serve you well. 
This course will cover the following:

• Taxable income versus fiduciary accounting income
• Distributable net income (DNI) 
• Passive activity rules, the 3.8 percent net investment income tax, state and local tax deductions, and other common income tax concepts with specific rules for trusts and estates
• Forced recognition on a distribution, carryover basis, and managing losses
• Charitable deductions and the deduction for estate tax paid
• Administrative expenses and deductions on termination