Fiduciary Taxation Part 4: Miscellaneous Topics & AMT WEBCAST
Overview
This course focuses on the special rules that apply when a fiduciary entity invests in real estate or other passive activity assets, elects the 65-day rule, makes specific bequests to beneficiaries or incurs alternative minimum tax (AMT). The underlying statute for AMT is written for individual taxpayers and the fiduciary or adviser must apply the statute to the special rules and calculations that determine fiduciary taxation.
Highlights
Review the passive activity rules under IRC Sec. 469 as they apply to fiduciary entities. The 65-day rule and election under IRC Sec. 663(b). Special rules for specific bequests under IRC Sec. 663(a). Alternative minimum tax for trusts and estates. AMT bracket rates and exemption for fiduciary entities. Alternative minimum tax spreadsheet approach using AMT. Problem example with passive activity loss (PAL).
Prerequisites
Basic understanding of fiduciary taxation.
Designed For
Tax practitioners, accountants, and financial professionals.
Objectives
Determine and review passive activity rules for trusts and estates. Recognize and analyze the benefits and requirements for the 65-day rule. Recognize specific bequests and their tax treatment. Determine AMT taxation for fiduciary entities. Analyze the tax spreadsheet having both a PAL and AMT for Form 1041.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Jacqueline Patterson, California CPA Education Foundation
Jacqueline A. Patterson, JD, MBT, CPA, is a partner in the Los Angeles based firm of Haney, Buchanan & Patterson, LLP. She is a member of the California State, Los Angeles, and Beverly Hills Bar Associations. Ms. Patterson has written and facilitated full day tax seminars in the areas of corporate taxation, the income taxation of trusts and estates, tax research and planning, real estate transactions, charitable trusts and received the Foundation’s Meritorious Service Award in 2000.
Non-Member Price $129.00
Member Price $99.00