Taking Advantage of Form 1041 Elections

2 Credits: Taxes


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Taking Advantage of Form 1041 Elections

Course Level
CPE Credits

2 Credits: Taxes

Course Description

In this class from Claudia Hill, EA, MBA, you’ll get a more in-depth look at seven different kinds of elections that are commonly encounter when filling out a form 1041. The first half of the class will be spent on the variety that are more straightforward, while the back half will focus in on the more complex of elections- the elections for a trust to be treated as if it were an estate.

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Learning Objectives

Upon completion of this course, attendees will have an understanding of:

  • What is an election?
  • Examples of common elections
  • Code Sec. 663(b) Election- the 65 day rule
  • Code Section 643(g) Election- Allocating Estimated Tax Payments to Trust or Estate Beneficiaries
  • Use Form 1041-T to Make the Election
  • Code Section 454(a) Election- Recognizing Accrued Interest on US Savings Bonds Upon Owner’s Death
  • Code Section 642(g) Election- Waiving of Right to Deduct Administration Expenses or Casualty.Theft Losses on Form 706
  • Code Section 641(c)(1) Election- Ability to Accelerate Trust or Estate Charitable Contribution Into Year Prior to Payment
  • Code Sec. 643(e)- Recognizing Gain on Property Distribution
  • Code Sec. 1361(d)(2)(a) Election- Qualified Subchapter S Trust (QSST) Treated as a Permitted Shareholder
  • Code Sec. 645 Election- Certain revocable trusts can elect to be treated as estates
  • Advantages and Disadvantages of Making the Election
  • Mechanics of Making the Election
  • Election Period and Filing Requirements
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Course Specifics

Course ID
Revision Date
February 3, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01982-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1719
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Claudia Hill Headshot

Claudia Hill, EA, MBA, is a nationally recognized tax professional and a frequent lecturer on taxation of individuals and representation before the IRS. She’s the editor in chief of CCH’s Journal of Tax Practice & Procedure, coauthor of CCH Expert Treatise Library: Tax Practice and Procedure, and a frequent presenter for both live and audio CPE seminars. Named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year, she coordinates a “dream team of tax controversy advisors” for the IRS Watch blog on Claudia served on the 1987 Commissioner’s Advisory Group to the National Office of the IRS. She’s the owner and principal of …

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