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Fiduciary Taxation Part 2: Fiduciary Accounting & Simple Trusts 2024

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CalCPA Webcasts

Online, OK 00000

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2.00 Credits

Member Price $89

Non-Member Price $119

Overview

During part 2, of this 4-part series, we’ll focus on the concept of fiduciary accounting and its relationship to fiduciary taxation. It also addresses the identification of a “simple trust” for purposes of taxation. Problem examples will cover both the calculation of fiduciary accounting and the taxation of simple trusts through the use of an excel spreadsheet that translates to a completed Form 1041.

Highlights

  • Review the Basic Concept of Fiduciary Duty
  • Review the Basic Concept of Fiduciary Accounting
  • Use of a Diagram to Distinguish Income and Principal
  • Calculating Fiduciary Accounting Income
  • Requirements of a Simple Trust
  • Problem Example Spreadsheets Reflecting Fiduciary Accounting and Taxation of Simple Trusts as well as how Depreciation is Handled by a Fiduciary Entity
  • Problem Examples Reflecting a Completed Form 1041 using Spreadsheet Calculations for Fiduciary Accounting and Taxation of Simple Trusts

Prerequisites

Fiduciary Taxation Part 1: Introduction to Form 1041

Designed For

Tax practitioners, accountants and financial professionals.

Objectives

  • Determine the importance of understanding fiduciary accounting and the special issues with simple trusts
  • Recognize the authority for determining fiduciary accounting
  • Identify "Income" and "Principal" and the tax treatment of simple trusts

Preparation

None

Leader(s):

Leader Bios

Jacqueline Patterson, CalCPA Education Foundation

Jacqueline A. Patterson, JD, MBT, CPA, is a partner in the Los Angeles based firm of Haney, Buchanan & Patterson, LLP. She is a member of the California State, Los Angeles, and Beverly Hills Bar Associations. Ms. Patterson has written and facilitated full day tax seminars in the areas of corporate taxation, the income taxation of trusts and estates, tax research and planning, real estate transactions, charitable trusts and received the Foundation’s Meritorious Service Award in 2000.

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Non-Member Price $119

Member Price $89