Taking Advantage of Form 1041 Elections FLEXCAST

Overview

This detailed course is an essential guide for professionals handling Form 1041 for trusts and estates. It covers seven different kinds of elections, from the commonly straightforward to the more complex, such as treating a trust as an estate. The course features in-depth explanations of each election, including Code Sections 663(b), 643(g), 454(a), and others, along with their practical applications. Participants will benefit from understanding the advantages and disadvantages of these elections, the mechanics of making them, and the specific filing requirements. By the end of this course, you will have a comprehensive understanding of these critical elections, enhancing your ability to make informed decisions and provide effective tax solutions for trusts and estates.

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 U.S. 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 Section 643(e) - recognizing gain on property distribution. Code Section 1361(d)(2)(a) election - qualified Subchapter S trust treated as a permitted shareholder. Code Section 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.