Cannon Financial Institute

Trust Tax Fundamentals

This course is designed for people who have responsibility for preparing and reviewing tax returns for simple, complex, grantor and charitable trusts.

Class time provides both comprehensive coverage of the relevant laws and regulations as well as practical hands on learning including case studies, quizzes and examples to apply the knowledge gained during the class. This one-week course is divided into two parts, Fiduciary Tax Fundamentals (3-days) and Charitable Trust Tax Fundamentals (2-days).

Fiduciary Tax Fundamentals (3 days)

  • Understanding Trust Documents
  • Introduction to Trust Taxation
  • Grantor Trust rules, including intentionally defective grantor trusts
  • Planning with grantor trusts
  • Understanding and determining Trust Accounting Income (TAI)
  • Understanding and determining Distributable Net Income (DNI)
  • In-depth discussion of how and when capital gains are allocated to beneficiaries
  • Complex Trust Issues/Elections
  • Estate/Death Administration Trusts
  • Income and deductions in respect of a decedent (IRD/DRD)
  • Comprehensive Case Study

Charitable Trust Tax Fundamentals (2 days)

  • Charitable giving overview
  • Exempt Organizations
  • Supporting Organizations
  • Private Operating Foundations
  • Computing the private foundation Net Investment Income Tax
  • Excise (Penalty) Taxes
  • Unrelated Business Income
  • Filing requirements
  • Private Foundation Case Study
  • Split-Interest Trusts
  • Charitable Remainder Trusts (CRT)
  • Charitable Lead Trusts (CLT)
  • Pooled Income Funds
  • Charitable Remainder Unitrust Case Study

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