In this lesson, Nick Palazzolo, CPA, makes tackling practice questions on trusts seem like a breeze. He starts by clarifying the concept of distributable net income (DNI) and its tax implications for both the trust and beneficiaries, illuminating with a simple example why understanding DNI matters, and emphasizing the importance of recognizing taxable amounts. Moving on, Nick demystifies the requirements for a simple trust versus a complex trust, using process of elimination techniques to sift through potential exam answers. By the end of the session, the seemingly daunting details of trust taxation are distilled into clear, manageable takeaways, leaving everyone feeling more confident and prepared for what's next.
This video and the rest on this topic are available with any paid plan.
See Pricing