JUST ISSUED PROPOSED REGULATIONS REGARDING TRUST AND ESTATE DEDUCTIONS
The Tax Cuts & Jobs Act (TCJA) added new Section 67(g) which suspends “miscellaneous itemized deductions” through 2025. This change has caused much confusion as practitioners are uncertain which trust deductions are suspended and which can be deducted. This is particularly true with fiduciary income tax returns and it adds to the pre-existing confusion. However, on Thursday May 7, 2020 the Service issued regulations which clarify its prior guidance regarding how new Section 67(g) applies to fiduciary income tax returns. Join Jere Doyle JD, LLM, AEP and Robert Keebler CPA/PFS, MST, AEP for a fast-paced program on these new regulations.
Specifically, this course will cover the new regulations and in general the deductibility of “miscellaneous itemized deductions” for trusts and estates:
- A review of new Section 67(g) as added by the TCJA
- A review of Sections 641(b), 67(a), 62, 63(d), 67(b), 67(e) and 67(h)
- A review of the Section 67(e) regulations
- How to determine what estate and trust expenses are “miscellaneous itemized deductions”
- KNIGHT v. COMMISSIONER, 127 S. CT. 782 (2008)
- NOL Carryovers on termination
- Capital loss carryovers on termination
- The two parts of Section 642(h)
- Items excluded from the definition of “miscellaneous itemized deductions” under Section 67(b)
- Items that constitute “miscellaneous itemized deductions”
- AMT adjustments & “miscellaneous itemized deductions”
- Surprising result – simple trust can have taxable income
- Examples on Tax Forms
There will be no CE for this webinar
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