This course reviews the tax implications related to the property (estate) of an individual who has died (decedent). Also reviewed is how to complete and file related federal income tax returns and pay any taxes due.
Summary of Contents:
Final Return for Decedent
Other tax information
Income tax return of an estate--Form 1041
Distributions to beneficiaries from an estate
Sample Exam Questions:
1. A personal representative may request a prompt assessment of tax after the income tax return has been filed to permit a quicker settlement of the tax liability of the estate and an earlier final distribution of the assets to the beneficiaries.
2. Income tax liability may be forgiven for each of the following deceased individuals EXCEPT:
a) Jim, a civilian, has heart failure while working in a medical capacity at a stateside veteran's hospital
b) Mary gets typhoid while serving in the military in a combat zone
c) George, a civilian, was in a building in California which was bombed by terrorists
d) Ann was an astronaut on a space mission