This course will address the 1041 head-on. From discussions on the purposes of the fiduciary income tax 
return-Form 1041, to specialized topics such as Tier 1 and 2 distributions, the separate share rule, stale 
trusts, terminations and special needs trusts. This will be a power-packed eight hours. Coverage includes 
essential terminology of estates and trusts, the essence of a trust vs. a probate estate, simple vs. complex 
trusts as well as revocable vs. irrevocable trusts. Recent developments are covered including TCJA changes 
and IRS recent rulings regarding excess deductions on termination. What deductions are still allowed on 
the fiduciary income tax return after TCJA? The mysteries of “income in respect of a decedent” are 
plumbed. Particular attention is focused on the income distribution deduction as Form 1041 is the only 
place in the world of tax where this item is found. There will be a walk-through completion of Schedule B. 
All this along with an introduction to fiduciary accounting (principle vs. income), a brief history of the 
estate tax in the United States, and trouble-shooting fiduciary problems-what to do when things go 
wrong.