1041 Preparation and Planning Guide (2006)

The use of trusts has proliferated in recent years resulting in an increased interest in the fiduciary income tax return. Trusts today are being used not only by the wealthy, but also by middle-class taxpayers who are becoming educated about the advantages of trusts for tax planning and asset protection. They, and the professionals who advise them, need solid understanding of how to handle the complexities of preparing the fiduciary return, Form 1041. CCH's new 1041 Preparation and Planning Guide presents a fundamental review of the rules for federal income taxation of trust and estates and clear guidance on properly preparing the Form 1041. Written by noted tax experts, commentators and educators, Sidney Kess and Barbara Weltman, the Guide's approach is concise and practical. Kess and Weltman provide precise explanation on all the essentials of fiduciary tax return preparation. Legislative and regulatory changes affecting returns, recent IRS rulings and significant court decisions are all reflected and highlighted in place throughout the text in a logical and understandable manner. 1041 Preparation and Planning Guide's presentation is superior -- it flows logically, line-by-line through the return itself; hits all the high points; and uses simple, straightforward and easy-to-understand language. It's format and organization is easy to use and easy to read, with large type and forms reproduced in place throughout the chapters. Perfect for staff training or personal refresher, it includes filled-in forms and schedules that illustrate how real-world tax scenarios flow through onto the forms themselves. 1041 Preparation and Planning Guide's covers these areas: * Creation and types of trusts * Filing requirements * Information included in the trust * Fiduciary accounting * Trust income * Deductions * Tax and payments * Completing the 1041 Return * Schedules K-1 and J * Income in respect of a decedent * Advanced planning considerations * Post-mortem planning opportunities 1041 Preparation and Planning Guide's distinctive features include: - "Practice Pointers" throughout highlight special opportunities - "Pitfalls" note critical preparer problem areas to avoid - "Review Questions and Answers" in each chapter reinforce readers' understanding of material presented and improve retention - "Chapter Highlights" sections point out relevant changes and new developments - "Illustrative Examples" demonstrate important points and principles