CCH Testing Center

Courseware:

Test Description:

CCH's new 1041 Preparation and Planning Guide presents a fundamental review of the rules for federal income taxation of trust and estates and clear guidance on properly preparing the Form 1041.

Module 1 provides an overview of the taxation of trusts and estates. Included in this section is an explanation of fiduciary accounting.

Chapter 1 discusses the nature of a fiduciary income tax return, the unique terminology related to the return, and general guidelines on filing.

Chapter 2 presents an overview of different types of trusts and estates, some basic rules for trusts and estates, and the use of trusts in estate and financial planning.

Chapter 3 gives general information about completing the return, covering the basic information on the top of page 1 of Form 1041 and the “Other Information” section on page 2 of Form 1041.

Chapter 4 covers the nature and importance of fiduciary accounting and the impact of the Uniform Principal and Income Act on tax reporting.