2024 CPA TCP Exam-Trusts-By Darius Clark-i75 CPA Review

The 2024 TCP Exam requires a candidate to understand Trusts.
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A trust is a separate legal and tax paying entity. Creator must donate assets to the trust, corpus. Trust corpus typically includes cash, real estate, stocks, bonds, or other types of assets. Creator names a Trustee to manage the trust corpus. Trust Earnings and Trust Assets will be paid over time to a beneficiary. Creator or Grantor Names the beneficiary when the trust is created. Creator- Grantor or Donor-Sets up the trust by contributing assets. Trustee- Manages the Trust. Could have more than one trustee, a bank could be named trustee. Beneficiary-The party to whom the trust is created to benefit. Could have more than one beneficiary. The sole trustee cannot be the same person as the sole beneficiary, no checks and balances. Other Important CPA Exam TCP Topics include tax planning topics for Individuals, Partnerships, S Corporations, C Corps, Trusts, Gift Taxation. Still more TCP Topics include marginal tax rates, itemized vs standard deduction, Estimated Taxes, Qualified and Non-Qualified Stock Options, Incentive Stock options, imputed interest on below market loans, Foreign earned income exclusion, Kiddie Tax, Alternative Minimum Tax, Passive Losses, Donations of Non-Cash Assets, Traditional vs Roth IRA, 401K Plans, Annuity Plans, Risk of Investing in Debt and Equity Securities, Section 529 College Savings Plans, Educational IRA, FAFSA, Scholarships and Grants, Student Loans, Life Insurance, Long Term Care Insurance, Umbrella Policies, Partnership Tax Returns Form 1065, Formation of a Partnership, Services Exchanged, Income, Distributions and Guaranteed Payments, Income, Loss, and Impact on Partner Basis, Liquidating and Non-Liquidating Distributions, Sale of a Partnership Interest, Partnership Termination, Section 754 Partnership Election, Tax Basis, Debt Basis, At-Risk basis, S Corporation Return Form 1120S, S Corp Eligibility and Revocation, Ordinary income vs separately stated items, Property Taxation, International Taxation, Business Structures.