2017 IRS Form 1041

“I FOCUS ON THE PREPARATION AND FILING OF IRS FORM 1041–THE INCOME TAX RETURN FOR ESTATES AND TRUSTS. ATTORNEYS AND OTHER PROFESSIONALS TRUST ME WITH THEIR CLIENTS’ TAX FILINGS.”

David N. Stonehill
Attorney-at-law
David N. Stonehill Co., LPA
David N. Stonehill
magnified f1041



SOME “MUST KNOW” CONCEPTS:

• Distributive net income
• Accounting income
• Simple vs. complex trust
• Calendar year vs. fiscal year
• Income distribution deduction
• IRC section 643(e)(3) election
• Income vs. corpus allocations
• Uniform Principal and Income Act
• Intent of the Settlor
• Basis and adjusted basis
• Depreciation, allowed or allowable
• Ordinary income or (loss)
• capital gain or (loss)
• Short / long term gain or (loss)
• Suspended losses & their release
• Net operating loss carryback waiver
• Who gets Schedule K-1
Tax Law & gavel

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