Form 1041 Reporting For Partnership Income And Sales

  • 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | Duration: 120 Minutes | Live
  • Credit: IRS Credits: 2.0 | NASBA Credits: 2.0| Product Code: WEB00467
Contact Person Klaralee R. Charlton
LIMITED SEAT
Qty
Add to Cart
Express Checkout
Refer To Friend

Webinar Instruction will be emailed on your registered email address 3 days prior to webinar | Web Download / e-Transcript will be shared in 7 working days from the date of webinar

Estates and trusts frequently hold interests in partnerships and other flow‑through entities, creating unique reporting challenges for fiduciary accounting and Form 1041 preparation. This course provides a clear, structured framework for properly reporting partnership income, losses, basis adjustments, and post‑death transactions. Participants will learn how to reconcile fiduciary accounting income with taxable income, evaluate timing strategies to avoid phantom income, and navigate complex issues arising from partnership interests that receive basis adjustments at the death of an owner.

Through practical examples, planning considerations, and regulatory guidance, this program equips practitioners to manage partnership‑related reporting with confidence—whether the entity retains income or distributes it to beneficiaries, or whether the partnership interest itself is sold after death. This course is ideal for those preparing or reviewing fiduciary income tax returns involving partnership interests.

Course Outline:

  • Overview of partnership ownership by estates and trusts
  • Managing deceased partners’ interests and closing of the partner's tax year
  • Transferring partnership interests after death and basis step‑up considerations
  • Post‑death reporting of partnership income and allocation rules
  • Reconciling fiduciary accounting income with Form 1041 taxable income
  • Distribution vs. retention of partnership income and related tax consequences
  • Estate tax implications and basis adjustments
  • Comparison of selling a partnership interest vs. selling underlying assets post‑death

Learning Objectives:

  • Categorize receipts from partnerships for fiduciary accounting purposes and compare them with taxable income reporting on Form 1041
  • Identify timing strategies to prevent unnecessary phantom income from being trapped at the trust or estate level
  • Determine how to adjust the cost basis of a partnership interest—or its underlying assets—when the owner dies
  • Recognize optimal timing for partnership transactions to minimize overall tax liability to both the entity and beneficiaries
  • Identify the Internal Revenue Code provision requiring a partnership’s taxable year to close for a deceased partner
  • Apply compliance and planning frameworks to sales of partnership interests occurring after death

Who Should Attend:

This course is designed for professionals who prepare, review, or advise on fiduciary income tax returns involving partnership interests..

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: PJGWS
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
 
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
IRS Credits
NASBA Credits
1. Are your providing Online Continuing Education Credits?

We are approved to provide CPE/CE credits to Tax Professionals

  • IRS
  • NASBA
2. When are the continuing education credits reported to the IRS, HRCI, NASBA and other regulatory bodies ?

We reports the educational credits to the respective licensing/regulatory bodies in 5 business days.

3. What should I do if I can’t log my account?

The credentials to log into your account is your EMAIL ADDRESS & PASSWORD used during account creation.

  • If you’ve forgotten your password, please go to the login page and click on the ‘Forgot Password.’ Then enter your registered email id to receive the password reset email. Click on the link given in the email to enter your new password.
  • If the face any challenge, please reach out to us via email support@pro2learn.com or contact our support team through live chat support. Our support line is 1-937-865-8027.Our support team is available Monday to Friday from 09:00 AM – 06:00 PM EST/EDT
4. How can I view /access the courses that I have registered for?

When you register for any of our webinars/product, you receive will the instruction 24 hours prior to the conference. Also, the instructions are avilable in your account under ‘My Webinars’ section.

5. How can I cancel my registration?

You can cancel your registration to by email at support@pro2learn.com.  If you cancel your registration for the paid webinar, the amount shall be credited back in your payment method within 7 business days.

6. How can I download the learning materials/Handouts available for the webinars/Seminar?

The conference materials are available 4 hours prior to the webinar. You can download it from the webinar page or by logging to your account.

7. What are the system requirements to attend a live webinar?

Our seamlessly integrated with ZOOM, WebX and, Goto for delivering continuing education webinars. The system requirements are :

  • An internet connection – broadband wired or wireless
  • Speakers and a microphone – built-in, USB plug-in, or wireless Bluetooth
8. What are CPE Package Courses?

Our package courses are the bundles of various continuing education courses which have been specially designed to meet your continuing education requirements for a particular Qualification.

9. What is web download and transcript?
  • The web download is the recording of the webinar. You will receive a link to download and save the webinar on your computer and watch it anytime and multiple times.
  • The transcript is the detailed written material presented during the webinar.
10. What is an On demand session?

On demand session is when we conduct the webinar as per your available dates after the live training. You will get access to the training for 24 hours.

11. How do I access a previously purchased webinar, self-study course, Web Download, or package?

To access a course that you have already purchased, all you must have to create/log in to your account. Click on the "Log In" button in the top right of the screen. Once you are logged in, you will have immediate access to all your purchased CPE courses, packages and other self-service or you can write on support@pro2learn.com.

12. I took a webinar, where is my certificate?

We will email your certificate within 3 working days of the end of the webinar, or you can login your account at www.pro2learn.com. If you don’t receive the email within 3 working days of the end of the webinar, check your spam/junk folder. If it’s not there, we recommend that you send us an email at support@pro2learn.com or connect over the online chatroom.

Recommended Courses

Date Conferences Duration Price Buy
Feb 11, 2026 Form 1041: Preparation, Entities, And Compliance 120 min $149 Buy
Feb 06, 2026 Inherited IRA: Tax Implications And Estate Planning Essentials 120 min $159 Buy
Jan 28, 2026 IRAs At Death And Beyond Including Trusts –Case Studies 120 min $159 Buy
Dec 23, 2025 Navigating The New Gift Tax Exemption Under The One Big Beautiful Bill Act 120 min $149 Buy
Nov 18, 2025 IRAs at Death & Beyond Including Trusts – Case Studies 120 min $159 Buy
Nov 12, 2025 Navigating The Fundamentals Of Trusts Planning : A Complete Guide For Tax Professionals 120 min $149 Buy
Jul 23, 2025 Gift Tax Biggest Reporting Issues And Mistakes 120 min $149 Buy
Oct 17, 2024 IRS Releases Final RMD Regulations: Understand Tax Issues And Planning 120 min $159 Buy
Jul 19, 2024 Foundations of the Federal Estate and Gift Taxes - Form 706 and 709 180 min $159 Buy
Jun 14, 2024 Inherited IRAs: Understand Tax Issues and Planning 120 min $159 Buy
John from New York
bought Course A
just now