Final Return For Decedent

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 4 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: April, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Final Return for Decedent
Learning Objectives 1
Filing Requirements
Refund
Joint Return


Lesson 2 - Income To Include
Learning Objectives 2
Cash Method
Accrual Method
Partnership Income
S Corporation Income
Self-Employment Income
Community Income
Interest and Dividend Income
Coverdell ESA
Roth IRA
Medical Savings Account


Lesson 3 - Exemptions and Deductions
Learning Objectives 3
Exemption/Standard Deduction
Medical Expenses
Deduction for Losses


Lesson 4 - Credits, Signature, Filing
Learning Objectives 4
Credits
Taxes
Name, Address, Signature
When to File
Tax Forgiveness


Lesson 5 - Income in Respect of the Decedent
Learning Objectives 5
How to Report
Wages
Farm Income From Crops
Income From Partnership
U.S. Savings Bonds
Interest Accrued
Inherited IRAs


Lesson 6 - Deductions in Respect of the Decedent
Learning Objectives 6
Expenses
Depletion
Estate Tax Deduction


Lesson 7 - Gifts, Insurance, Inheritances
Learning Objectives 7
Gifts
Insurance
Basis of Inherited Property
Alternate Valuation Date
Special-Use Valuation
Joint Interest
Substantial Valuation Misstatement
Holding Period
Property Distributed in Kind


Lesson 8 - Other Items of Income
Learning Objectives 8
Beneficiaries
Public Safety Officers
Death Benefit for Public Safety Officers
Comprehensive Example (Final Return)

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify the filing status that should be used for a deceased spouse
  • Determine how to treat a tax refund check issued in the taxpayer and his deceased spouse's name
Lesson - 2
After completing Lesson 2, you will be able to:
  • Determine what happens to partnership income in the event of the death of the partner
  • Determine the distribution rules for a decedent's balance in a Coverdell ESA
  • Apply the rules for a deceased taxpayer's distributions from a Roth IRA
  • Figure the amount of income to be reported on a decedent's final income tax return
Lesson - 3
After completing Lesson 3, you will be able to:
  • Apply the rules for exemptions and deductions allowed on the decedent's final return
  • Determine how to treat a decedent's medical expenses and which expenses apply
  • Determine how to treat a passive activity interest that is transferred because the taxpayer died
Lesson - 4
After completing Lesson 4, you will be able to:
  • Determine the treatment of any tax credit that applied to the decedent before death
Lesson - 5
After completing Lesson 5, you will be able to:
  • Define income in respect of a decedent and how to report it
  • Figure the amount of bond interest reported on the beneficiary's return
  • Determine how to treat eligible rollover distributions to a nonspouse beneficiary of an employee
Lesson - 6
After completing Lesson 6, you will be able to:
  • Determine how to report the estate tax paid on the income of a decedent
Lesson - 7
After completing Lesson 7, you will be able to:
  • Determine if there is a substantial valuation misstatement
  • Figure the interest income on life insurance proceeds issued in installments
  • Select the correct depreciation method to use if the inherited property is depreciable
Lesson - 8
After completing Lesson 8, you will be able to:
  • Use the death benefit rules that apply to eligible survivors of public safety officers
  • Determine the final return for the decedent