August 30, 2017


Westin Huntsville
6800 Governors West NW, Huntsville, Madison County, Alabama 35806-3202

8 Total CPE Credits


Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms

  • Instructor

    Michael Frost

Learning Objectives

  • Be aware of fiduciary accounting principles
  • Calculate Distributable Net Income and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1

Major Topics

  • Classifying receipts between "Income" and "Corpus" under the Uniform Principle and Income Act
  • Forgetful fiduciaries of Simple Trusts
  • Fluctuating trusts - Simple one year, complex the next
  • Calculation of DNI utilizing three different methods, a "Forms" method (Schedule B), a "Code" method, and a "Shortcut" method, utilizing a worksheet of common income and expenses
  • Dividing income in the year of death
  • Overview of Subchapter J
  • Form preparation issues - Filing requirements and line-by-line explanations of Form 1041
  • Taxable income of estates and trusts and expense allocation issues
  • Specific deductions and miscellaneous itemized deductions
  • Income in respect of a decedent
  • The income distribution deduction calculation
  • Relation of principal and income law to DNI
  • Understanding how to handle capital gains and losses
  • Tax-planning concerns and special issues
  • Allocating tax items to beneficiaries: another K-1
  • Reporting in light of the net investment income tax
  • Comprehensive DNI calculation case study
  • Comprehensive trust case study, with filled-in forms
  • Overview of estate case study, with filled-in forms

CPE Credits Available

Total CPE

Westin Huntsville

6800 Governors West NW, Huntsville, Madison County, Alabama 35806-3202

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Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax


Experience with the preparation of income tax returns

Advanced Preparation


Intended Audience

CPAs whose practice includes the preparation of fiduciary income tax returns


Surgent McCoy CPE

This event has ended.