How to… report IRD & GST Part I:  Income in Respect of Decedent

(2 Credit Hours of Federal Tax Law)

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Special Price $54.97 Regular Price $79.97

Course Description:

This is a part of our “How To” Series.

IRD is Income in respect of a decedent. In other words, it is income that is owed to an individual who dies before receiving it. “…income in respect of a decedent refers to those amounts to which a decedent was entitled as gross income, but which were not properly includible in computing his taxable income for the taxable year ending with the date of his death or for a previous taxable year under the method of accounting employed by the decedent” [Treas. Reg. § 1.691(a)-1].  Clear as mud!  This class will slog through the muck and mire to identify sources of IRD, offsetting deductions, how and where to report each, and calculate a tax deduction for any estate tax that may result.

Learning Objectives

Upon completion of this course, you will be able to:

  • Understand the dual nature of IRD, which is deemed an asset, but also reported as income.
  • Identify items of income that must be reported as IRD and corresponding expenses that may be deducted as DRD.
  • Handle special circumstances such as receivables and partnership income.
  • Recognize planning opportunities to minimize the tax impact of IRD.
  • Correctly calculate and allocate the §691(c) IRD deduction from the estate tax return. 

This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education. 

About Monica Haven:

Monica Haven is an Enrolled Agent, an Accredited Tax Advisor®, and Accredited Tax Preparer®. She is a graduate fellow of the National Tax Practice Institute®, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.

She has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures, as well as a Doctor of Jurisprudence (J.D.) and a Master of Laws in Taxation (LL.M.) from Loyola Law School in Los Angeles.

She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations.  She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world.