Income in Respect of a Decedent
Author: Klaralee R. Charlton
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Income in respect of a decedent (IRD) defines a category of assets includable in the decedent’s taxable estate but which the decedent has not yet received. In addition to the estate tax consequences, IRD received after the taxpayer passes away is taxed differently from most of the decedent’s other assets. While the most common types of IRD include annuities, retirement plans, and final wage payouts; there are many other less readily identifiable types of IRD. In this course you will learn how to define IRD, determine when IRD is includable in the gross estate, and identify who must report IRD as taxable income.
Publication Date: September 2024
Designed For
Attorneys, CPAs, Enrolled Agents
Topics Covered
- What is Income in Respect of a Decedent
- History of IRD
- Examples of Types of IRD
- Deductions in Respect of a Decedent
- IRD for Estate & Income Tax Purposes
- Transferring IRD
- Planning for IRD
Learning Objectives
- Describe the difference between IRD and non-IRD assets of the estate
- Identify potential deductions in respect of a decedent
- Recognize and analyze the potential estate tax and fiduciary income tax impacts related to IRD assets
- Recognize how to recommend tax planning to clients who own IRD assets
- Identify the tax impact on an estate or beneficiary receiving an IRD asset
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
