PPC's 1041 Deskbook

See also the Checkpoint Tax Return Compliance package, which includes the online version of this PPC deskbook.

Complete fiduciary tax return guidance

PPC’s 1041 Deskbook cuts through the complexity of preparing fiduciary income tax returns and provides practical step-by-step guidance on the basics of Form 1041 preparation as well as more complex issues such as determining fiduciary accounting income and distributable net income (DNI), computing the distribution deduction, allocating capital gains and depreciation, calculating the net investment income tax, reporting income in respect of a decedent, and filing Form 1041 in the estate or trust's final year.

Quick and accurate answers to all of your fidicuiary income tax return questions

Detailed examples, filled-in tax return forms, and planning tips show you how to report income, deductions, and distributions. Numerous practice aids are provided, including:

• Fiduciary tax organizers to help compile the necessary information for preparing Form 1041
• Election statements to help save time and effort when preparing 1041s
• Preparation checklists
• Roadmap with guidance for completing Form 1041 including references to Form 1041 lines and the key issues within the 1041 Deskbook for more detailed coverage

In addition to Form 1041 practical guidance, this Deskbook also has information on foreign trusts and how to know when a domestic trust has become a foreign trust, as well as guidance on the annual filing requirements for charitable trusts.

This Deskbook is also integrated with the UltraTax/1041 program.

• 1041 Deskbook
  • INTRODUCTORY MATERIAL
  • Administrative Issues
    • Chapter 1: Administrative and Filing Matters
    • Chapter 2: Accounting Periods and Methods
  • Income
    • Chapter 3: Investment, Retirement, and Miscellaneous Income
    • Chapter 4: Business Income
    • Chapter 5: Capital Asset Transactions
    • Chapter 6: Rents, Royalties, and Pass-through Income
    • Chapter 7: Passive Activity Losses
  • Depreciation and Depletion
    • Chapter 8: Depreciation and Depletion
  • Income in Respect of a Decedent
    • Chapter 9: Income in Respect of a Decedent
  • Deductions
    • Chapter 10: Interest and Taxes
    • Chapter 11: Charitable Contributions
    • Chapter 12: Deductions— Interaction with Form 706
    • Chapter 13: Other Deductions
    • Chapter 14: Net Operating Losses
    • Chapter 15: Personal Exemptions
  • Distributions and Allocations
    • Chapter 16: Fiduciary Accounting Income
    • Chapter 17: Distributable Net Income and the Distribution Deduction
    • Chapter 18: Property Distributions
    • Chapter 19: Accumulation Distributions
    • Chapter 20: Allocating the Tax Burden
  • Tax Calculations and Payments
    • Chapter 21: Tax Computations
    • Chapter 22: Alternative Minimum Tax
    • Chapter 23: Tax Payments
    • Chapter 24: Termination of Trusts and Estates
  • Special Types of Trusts
    • Chapter 25: Split-interest Charitable Trusts
    • Chapter 26: Grantor Trusts
    • Chapter 27: Foreign Trusts
  • Comprehensive Case Studies
    • Chapter 28: Simple Trust with Rental Property
    • Chapter 29: Complex Trust with Oil and Gas Royalty and Depletion Reserve
    • Chapter 30: First Year of an Estate
    • Chapter 31: Termination Year of a Trust
  • QUICK REFERENCE TABLES
    • TAX RATE SCHEDULES AND TABLES
    • COMMON ADDRESSES
    • OTHER QUICK REFERENCE TABLES
    • INTEREST RATE TABLES
  • DEPRECIATION TABLES
    • DEPRECIATION TAX LAW SUMMARIES
    • MACRS PERSONAL PROPERTY
    • MACRS REAL PROPERTY
  • ELECTIONS
    • SUBCHAPTER J ELECTIONS
    • INCOME AND DEDUCTIONS
    • OTHER ELECTIONS
  • CHECKLISTS
    • PREPARATION AND REVIEW CHECKLISTS
    • OTHER CHECKLISTS
  • WORKSHEETS
    • FORM 1041 PREPARATION WORKSHEETS
    • DEPRECIATION AND DEPLETION WORKSHEETS
    • NET OPERATING LOSS WORKSHEETS
    • ESTATE TAX WORKSHEETS
  • RESOURCES
    • PRACTICE AIDS
    • ENGAGEMENT LETTER
    • TRANSMITTAL LETTERS
    • FILING INSTRUCTIONS
    • OTHER PREPARATION RESOURCES
  • Roadmap to Form 1041
  • GLOSSARY
  • INDEX
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• List of Substantive Changes and Additions View