1041 Allen Trust Case Study Facts (CASALM)

Printable Case Study Facts

The Allen Trust has a situs in the state of Texas, where Jennifer Allen, the sole life income beneficiary, resides. The Allen Trust is an irrevocable trust. Investments generate the trust income, which is fully distributed. Capital gains and losses are retained in the trust.

Targeted Areas

• Preparing a 1041 Return
• Distributions

Return Information

• Dividend Income
• US Government Interest
• Other Interest Income
• Tax-Exempt Interest Income
• Trust Expenses
• Capital Loss Carryovers
• Common Trust Fund Gain and Loss
• Capital Gains and Losses
• Disbursement to Beneficiaries
• Transmittal Letter and Filing Instructions

Data Entry

• Reviewing Tax Defaults and Options
• Basic Return Information
• Income and Deductions
• Allocable and Nonallocable Expenses
• Other Income and Deductions
• Capital Gains and Losses
• Beneficiary Information
• Transmittal Letter/Filing Instructions
• Turning an Existing Simple 1041 Return to a 5227 Split Interest Return
• Reviewing the Return

 

 

 

Case Study Facts/allen_intro.htm/TY2019

Last Modified: 03/19/2020

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