The final webcast in this series focuses on the special rules that apply when a fiduciary entity invests in real estate or other passive activity assets, elects the 65-day rule, makes specific bequests to beneficiaries or incurs alternative minimum tax (AMT). The underlying statute for AMT is written for individual taxpayers and the fiduciary or adviser must apply the statute to the special rules and calculations that determine fiduciary taxation.
Learning Objectives
• Determine and review Passive Activity Rules for Trusts & Estates
• Recognize and analyze the benefits and requirements for the 65-Day Rule
• Recognize specific bequests and their tax treatment
• Determine AMT taxation for fiduciary entities
• Analyze the tax spreadsheet having both a PAL and AMT for the Form 1041
Major Topics
• Review the Passive Activity Rules under IRC Sec. 469 as they apply to fiduciary entities
• The 65 -day Rule and Election Under IRC Sec. 663(b)
• Special Rules for Specific Bequests under IRC Sec. 663(a)
• Alternative Minimum Tax for Trusts & Estates
• AMT Bracket Rates and Exemption for Fiduciary Entities
• Alternative Minimum Tax Spreadsheet Approach Using AMT Problem Example with Passive Activity Loss (PAL)
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