Estate & Trust Primer - Tax Staff Essentials

Prerequisites

None

Designed For

Objectives

• Identify the elements of a trust.
• Recognize the difference between principal and income as defined by the Uniform Principal and Income Act (UPAIA).
• Identify tax payment and reporting requirements for estates and trusts.
• Identify the rules regarding the deduction for distributions from complex trusts and decedents' estates.
• Recall when a grantor has a reversionary interest.
• Recall how pooled income funds are taxed.
• Recall the filing requirements for estates and trusts.