IRC Section 645 Elections: Filing a Combined Qualified Revocable Trust and Estate Income Tax Return
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will explain how making the election under IRC Section 645 can significantly reduce the tax filing burden for practitioners and lower beneficiaries' tax obligations.
Outline
- What is a qualified revocable trust?
- Section 645: making the election
- Due dates
- Filing the combined Form 1041
- Benefits
- Charitable contributions
- S corporation stock
- Estimated tax payments
- Certain passive losses
- Other benefits
- Caveats
- Termination
- Separate share rules
- Other caveats
- Illustrations
Benefits
The panel will discuss these and other important topics:
- Types of trusts that qualify as QRTs eligible to make a Section 645 election
- Applying the "separate share" rule to DNI calculations and allocations between the QRT and the estate after the election
- Post-mortem tax planning strategies present with a Section 645 election
- Mechanics of making the election with initial income tax filing
Faculty

Jeremiah W. (Jere) Doyle, IV
Senior Vice President
Bank of New York Mellon
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their... | Read More
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax efficient manner. He is the editor and co-author of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns and Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.
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Erin Fukuto, CPA, MST
Partner
Raimondo Pettit Group
Ms. Fukuto heads the firm’s estate, gift, and trust services. She specializes in income tax and estate planning... | Read More
Ms. Fukuto heads the firm’s estate, gift, and trust services. She specializes in income tax and estate planning with an emphasis on minimizing taxes, increasing corporate profits and individual net worth, and helping not-for-profit organizations maintain their tax exempt status. Her responsibilities include: partner in charge of trust, estate and gift tax services; individual, estate, gift and trust tax planning and compliance; corporate, partnership and business tax planning and compliance; providing advisory support, tax and compliance services to nonprofit organizations; and transactional and business succession planning. Ms. Fukuto has over 20 years of experience in public accounting.
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CPE credit is not available on downloads.
CPE On-Demand