Detailed examples, filled-in tax return forms, and planning tips show you how to report income, deductions, and distributions. The companion Quick Reference Binder contains numerous tables, practical worksheets, checklists, and election statements to help save time and effort when preparing 1041s.

Some of the important new features include:

• Reporting Holding Period for Distributed Property. When an estate or trust distributes in-kind property, the fiduciary should provide the beneficiary with information as to the property’s tax basis and holding period. A new key issue explaining how this information is determined, depending on the type of property distributed, has been added to this edition.
• Property Distributions with Debt in Excess of Basis. This edition includes a discussion of the tax consequences of property distributions with debt in excess of income tax basis and how that may impact reporting on Form 1041.
• New IRS Valuation Tables. IRS valuation tables must be used to determine whether a grantor’s reversionary interest in the trust principal or income causes him or her to be treated as the owner of the trust under IRC Sec. 673. New IRS valuation tables (effective for transfers after April 30, 2009) have been issued. The discussion of these revised tables and how they can be accessed have been updated accordingly.
• Substantial Authority Standard for Tax Return Disclosures. The Tax Extenders and Alternative Minimum Tax Act of 2008 amended IRC Sec. 6694 to apply a substantial authority standard for positions not disclosed on a tax return. This edition provides the preparer penalty standards for preparing 2009 Form 1041s.
• Disclosing and Using Tax Return Information. New regulations substantially prohibit the disclosure and use of tax return information by tax return preparers without the client’s consent. This edition covers these new rules and includes sample language that can be used in an engagement letter to obtain the client’s consent.

PPC’s Tax Practice Aids™ in Word and Excel
Introducing the next generation of tax efficiency tools! Get all of the editable practice aids in PPC’s 1041 Deskbook (including engagement letters, checklists, worksheets, elections (with requirements explained), and other practice management resources delivered in convenient Microsoft Word and Excel templates--and save hours of preparation and review time!

• No need to retype practice aids into MS Word.
• Easy to edit and customize.
• Built-in functionality and features to reduce preparation and review time.
• Electronic format facilitates less-paper workflows making it easy to access client data.
• Easily link to PPC’s 1041 Deskbook for additional targeted expert guidance.
• MS Word and Excel platform eliminates learning curve and staff training costs.
• Pick and choose the templates you need or use them all--with or without the related PPC Deskbook. It’s up to you!

PPC’s Tax Practice Aids™ in Word and Excel are a separate purchase and are not included with subscriptions to PPC’s 1041 Deskbook. For descriptions of all available tax practice aid templates, or to view a Quick Tour, visit http://ppc.thomson.com/epatax.

Integration with UltraTax CS™
PPC’s 1041 Deskbook now integrates directly with UltraTax CS™ form software from Creative Solutions. Quickly find the correct answers to your tax preparation questions – directly from your input screen! Simply click on the PPC icon on the UltraTax CS™ screen and the PPC Deskbook guidance and practice aids directly dealing with that input screen topic will display. Don’t spend valuable time keyword searching or browsing a table of contents for your answer. Clicking on the relevant link takes you directly to the information you need!

Call 800.323.8724, option 1, for sales or to find out more! For information on UltraTax CS software or to view a demo of the integration with PPC Deskbooks on Checkpoint, visit http://cs.thomson.com/tax/quicklook.aspx and click on the PPC Deskbooks link.