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2023 Returns: Fundamentals of Income Taxation of Trusts & Form 1041 Planning


Cost $25.00
Presentation Length 2.0 hours

Recorded DateApril 8, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

CPAs, lawyers, and trust experts will be preparing and reviewing many 1041s this year, and it is important to establish a solid fiduciary tax foundation. It is critical to understand who pays taxes for ongoing trustees and who pays income taxes during an estate administration. Even if one does not prepare returns, an understanding of the flow of income from a trust to the beneficiary is critical for both lawyers and trust officers.

In this exclusive webinar, Bob Keebler will present vital fiduciary income tax issues and planning points needed to master clients' 1041 issues. This class will cover both the 1041 form and the theory/statutes behind the concepts. Specific topics Bob will cover include the following:

  • The types of trusts for income tax purposes: simple, complex, grantor, charitable, and fiscal year elections

  • Taxable income versus fiduciary accounting income

  • Distributable net income (DNI), including IRAs

  • IRC 663(b) “65-day rule”

  • The tier rules for DNI

  • The separate share rule for DNI

  • Passive activity rules for trusts and estates

  • 3.8% net investment income tax and the traps

  • IRC §691(c) deduction including large IRAs

  • Deductions on termination

  • QSST and EBST elections

  • Difficult 642(c) charitable issues

  • Grantor trust reporting

  • DAPT reporting

  • Kenan losses and the 267(b)(13) related party rules

Learning Objectives:

  • Arrange and list the types of trusts for income tax purposes (simple, complex, grantor, charitable and fiscal year elections)

  • Identify and master all the vital fiduciary income tax issues, traps, and planning points necessary for clients who have 1041 issues

  • Recognize the flow of income from trust to beneficiary

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP, and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of the National Association of Estate Planners & Councils. CPA Magazine has also named him one of the top 100 most influential practitioners in the United States and one of the top 40 tax advisors to know during a recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. 


Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and estate, gift, and income tax examinations and appeals. He has received more than 200 favorable private letter rulings, including several key rulings of “first impression.” 


He is the author of over 100 articles and columns and is the editor, author, or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years, including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate Planning Institute.


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About Our Presenter

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At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.