Fiduciary Taxation Part 3: Complex Trusts & Charitable Deduction 2024

During part 3, of this 4-part series, we'll focus on the accounting and taxation of Complex Trusts. Using a series of calculations, determine whether the fiduciary or the beneficiary bears the burden of taxation and if the trust or estate is treated as a taxpaying entity or a conduit. The requirements and use of a charitable contribution deduction are also reviewed and its relationship with and difference from fiduciary accounting.

Objectives

• Recognize the difference between a simple and complex trust
• Determine whether you have a simple or complex trust
• Identify the special issues related to a complex trust

Highlights

• The Differences between a Simple and Complex Trust
• The Use of the Tier System with Complex Trusts
• Review of Basic Requirements of the Charitable Contribution Deduction under IRC Sec. 642(c)
• Preparation of a Tax Spreadsheet for a Complex Trust
• Preparation of a Tax Spreadsheet for a Complex Trust with a Charitable Contribution Deduction
• Complex Problem Form 1041 Examples with Spreadsheets and Exhibits

Who Will Benefit

Tax practitioners, accountants and financial professionals.

Credits