PALs and NOLs in Trusts and Estates: Strategies to Maximize Utilization
Calculating Basis in Inherited Assets and Gifts Transferred With PAL Carryovers, Determining Material and Active Participation
Recording of a 110-minute CPE webinar with Q&A
This webinar will review the rules for deducting passive activity losses (PALs) and net operating losses (NOLs) by decedents, trusts, and estates. The panelist will point out key considerations when gifting assets with PALs or NOLs, demonstrate the participation rules as they apply to trusts and estates, and point out ways to preserve the deductibility of these losses upon transfer or death.
Outline
- Utilizing PALs and NOLs in trusts and estates
- PALs
- Decedent's
- Gifting assets with PALs
- Distributions of pass-through entity interests
- Other considerations
- NOLs
- Examples
- Best practices
Benefits
The panelist will cover these and other critical issues:
- Strategies to maximize utilization of PALs and NOLs in trusts and estates
- Calculating basis in gifts transferred with passive activity carryovers
- Determining material and active participation for activities held by a trust or estate
- When NOLs are and are not deductible by a beneficiary
- Filing requirements for trusts with passive activities
Faculty
Erin S. Fukuto, CPA, MST
Partner
Eide Bailly
Ms. Fukuto is a Tax Partner and specializes in the Estate and Trust Tax Services for Eide Bailly, LLP, a certified... | Read More
Ms. Fukuto is a Tax Partner and specializes in the Estate and Trust Tax Services for Eide Bailly, LLP, a certified public accounting firm. With over 40 years of experience, she provides tax compliance, planning and consulting services for high net worth individuals, business succession and perpetuation planning for closely-held businesses and non-profit organizations. Ms. Fukuto's expertise includes estate and trust plan review and development, implementation and administration, tax compliance and strategic consulting services that allow her to work with complex estates and family wealth transfer issues. She obtained her Bachelor of Science in Accounting from the University of Southern California and her Masters degree in Taxation from Golden Gate University. Ms. Fukuto is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. She is also the Former Chair for the Orange County Estate Planning Council and Former Chair of the State Estate Planning Interest Group for the California Society of Certified Public Accountants.
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