{"id":113,"date":"2012-02-07T14:17:47","date_gmt":"2012-02-07T20:17:47","guid":{"rendered":"http:\/\/www.taxeducationinc.com\/wordpress\/?page_id=113"},"modified":"2025-05-12T14:42:30","modified_gmt":"2025-05-12T19:42:30","slug":"topics","status":"publish","type":"page","link":"https:\/\/www.taxeducationinc.com\/wordpress\/seminar\/spring-program\/topics\/","title":{"rendered":"Topics"},"content":{"rendered":"<p><strong>SPRING PROGRAM\u00a0<\/strong><\/p>\n<p><strong>For our Spring program Ken will be offering four-2 hour (8 total hours) webinars\u00a0 on Partnerships. For more details about each webinar click on the Register Now-Webinar tab.\u00a0<\/strong><br \/>\n<!--\n\n\n<h1>Tax Issues of Irrevocable Trusts<\/h1>\n\n\nThis program will begin with an overview of the income taxation of irrevocable trusts. The remainder of the program will cover specific income tax issues practitioners may encounter when preparing Form 1041, U.S. Income Tax Return for Estates and Trusts, and in advising clients concerning those issues.\n\nThis is an intermediate level program for participants with a background in federal income taxes, including fiduciary income taxes. There are no prerequisites, and no advance preparation is required. The program is a group live lecture and will include a written course book participants can download as a PDF. At the conclusion of the program participants will understand important issues described below involved in the taxation of irrevocable trusts and to be able to use that knowledge in preparing fiduciary income tax returns for irrevocable trusts as well as assisting clients in dealing with such issues.\n\nAfter completing this program students will be able to do the following.\n\n\n<ul>\n \t\n\n<li>Understand the general income tax rules governing the taxation of irrevocable trusts.<\/li>\n\n\n \t\n\n<li>Recognize important issues related to determining the different definitions of \u201cincome\u201d of irrevocable trusts.<\/li>\n\n\n \t\n\n<li>Recognize and properly report the income tax consequences to trusts and beneficiaries when factors exist limiting a trustee\u2019s ability to make distributions<\/li>\n\n\n \t\n\n<li>Determine whether and means by which irrevocable trusts can by modified<\/li>\n\n\n \t\n\n<li>Be aware of important procedural issues affecting irrevocable trusts, including how to make and manage a 645 election to tax a trust as an estate<\/li>\n\n\n<\/ul>\n\n\n<strong>\u00a0 \u00a0 \u00a0 Topics include:<\/strong>\n\n\n<ul>\n \t\n\n<li style=\"list-style-type: none;\">\n\n\n<ul>\n \t\n\n<li>Overview of taxation of trusts<\/li>\n\n\n \t\n\n<li>Grantor trust issues of irrevocable trusts: 5 and 5 powers; qualified subchapter S trust (QSST) elections; marital deduction or continuing trust with general power of appointment; beneficiaries allowing distributions or assets to remain held in trust when they should have been distributed<\/li>\n\n\n \t\n\n<li>Dealing with partnership and S corporation interests: fiduciary accounting income versus taxable income; preserving subchapter S status; trusts causing conversion of entity active trade or business income into passive activity net investment income (NII)<\/li>\n\n\n \t\n\n<li>Income issues: fiduciary accounting income versus taxable income; income and deduction allocations when various beneficial interests (including income) begin and terminate; income in respect of a decedent (IRD)<\/li>\n\n\n \t\n\n<li>Distributions: problems determining whether a trust is simple or complex; rules impacting taxation of distributions at both the trust and beneficiary levels, including tax issues with pecuniary and fractional gifts; issues with involuntary restrictions on trustee\u2019s ability to make distributions<\/li>\n\n\n \t\n\n<li>Distributable net income (DNI): the capital gains conundrum, including effect of power to adjust and unitrust elections; separate share rule<\/li>\n\n\n \t\n\n<li>Current problems of retirement distributions to trusts<\/li>\n\n\n \t\n\n<li>Making changes to irrevocable trusts to cure problems<\/li>\n\n\n \t\n\n<li>Procedural issues affecting irrevocable trusts including the 645 election to tax a trust as an estate together with examples<\/li>\n\n\n<\/ul>\n\n\n<\/li>\n\n\n--><br \/>\n<!--\n<strong>Partnership Series<\/strong>\n\nTaxation of partnerships and partners is likely one of the most difficult practice area encountered by tax practitioners. This is a series of programs on partnerships that will cover many of the issues practitioners may encounter in preparing partnership returns.\n\n<strong>Program 1:<\/strong> Acquisition of partnership interests\n\nTypes and characteristics of partnerships, including series LLCs; contributions of property and services; assumption of liabilities; basis, holding periods, character of contributed assets; problems and anti-abuse rules to be aware of; reporting requirements and essential records to maintain; alternatives to contributing property\n\n<strong>Program 2:<\/strong>\u00a0Taxation of Partnership Operations\n\nAggregate versus entity nature of partnerships; separately and nonseparately stated allocation issues; who makes what elections; should you maintain both tax basis and book capital accounts; procedural issues, including amending partnership returns and the administrative adjustment request (AAR) requirements\n\n<strong>Program 3:<\/strong>\u00a0Partner Tax Matters\n\nAllocable shares, including special allocations for book-tax differences; effect of separately stated items; deducting interest on debt incurred to purchase a partnership interest; basis limitations on deductions and carryovers; qualified business income deduction; tax on net investment income; current IRS and Tax Court position on self-employment tax\n\n<strong>Program 4:<\/strong>\u00a0Partial and Complete Termination of Interests\n\nAnti-abuse rules to be aware of; differing tax consequences of liquidating and current distributions; payments with respect to retired or deceased partners; varying interest allocations when interests change during the year; effect of negative capital accounts; issues of hot assets and associated reporting\n--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SPRING PROGRAM\u00a0 For our Spring program Ken will be offering four-2 hour (8 total hours) webinars\u00a0 on Partnerships. For more details about each webinar click on the Register Now-Webinar tab.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":101,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"page-altright-regisiternow.php","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-113","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/pages\/113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/comments?post=113"}],"version-history":[{"count":131,"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/pages\/113\/revisions"}],"predecessor-version":[{"id":5140,"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/pages\/113\/revisions\/5140"}],"up":[{"embeddable":true,"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/pages\/101"}],"wp:attachment":[{"href":"https:\/\/www.taxeducationinc.com\/wordpress\/wp-json\/wp\/v2\/media?parent=113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}