Form 1041

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Form 1041

A form that one files with the IRS to report the assets and liabilities of an estate or a trust. The assets considered include all personal property, real estate, and securities. Form 1041 is used to calculate what estate tax, if any, is owed after all the debts of the deceased are paid and all deductions and credits are applied.
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Specifically, Matsa caused the preparation and filing of 15 fraudulent trust tax returns, Forms 1041, with the IRS.
645 election will be made obtains a taxpayer identification number upon the decedent's death and uses that number to file Forms 1041 as an estate during the election period.
In addition to sometimes serving as trustees themselves, CPAs traditionally assist trustees with identifying and selecting accounting methods, producing fiduciary accounting statements for distribution to beneficiaries and preparing forms 1041 for fiduciary tax compliance purposes.
9) Forms 1041 are also filed for qualified disability trusts, electing small business trusts (ESBTs), grantor type trusts, bankruptcy estates, and pooled income funds.
If returns were filed before the executor was appointed, amended Forms 1041 must be filed.
Forms 1041, 1065, 5500, 5500-C/R and 5500EZ returns are permitted to be filed electronically, on magnetic tape or floppy diskette.
During the two years that the estate held the limited partnership interest, it had sustained an additional $20,000 of PALs, which, although they reduced the estate's adjusted basis of the partnership interest (to $10,000) were not, of course, deductible against other income on the estate's 1992 and 1993 Forms 1041, U.
Overall, the gross income reported on Forms 1041 increased from $71.
Nearly 748,000 Forms 1041 were filed by simple trusts in 2004, a slight increase from the approximately 747,000 filed in 2003.
89 Estate and trust income tax, Forms 1041 end 1041S, total 3,665 2.