[bean counter]

I’m reviewing for REG and have down in my cram notes that Estate form 1041 is due April 15th and can be fiscal or calendar year. However, trusts MUST be calendar year. Would a testamentary trust also be required to have a calendar year?

BEC - 84 *
AUD - 73, 76 *
REG - 70, 72
FAR - 09/08/16

[tuanxn]

I believe so. It's just a trust that is created upon death so it would probably have a short year-end in the year of death.

I could be wrong, hopefully someone chimes in with a more definitive answer.

[Anonymous]

“estates can have fiscal or calendar year end. Trusts MUST be calendar year.” thats all you need to know. also know what a testamentary trust is and how its different from intervivos trust. thats it, done! dont overcomplicate the REG Exam. keeping track of this minutiae is going to kill you come exam day.

i am falling victim to this right now as i study for FAR- so many lil things. constantly reminding myself that the exam is a mile wide and an inch deep.

[bean counter]

Ironically while doing MCQs today I came across a question that tricked me – related to this topic so thought I would share.

Trusts generally are required to use a calendar year. A GRANTOR trust is an exception to that rule. However, a taxpayer who keeps no records is absolutely required to use a calendar tax year.

I know these items seem to be small, but remember that any extra points you can get on the exam will help and knowing one small detail could save you from being tricked on exam day! 🙂

BEC - 84 *
AUD - 73, 76 *
REG - 70, 72
FAR - 09/08/16

[Anonymous]

too many small details to know that people end up missing the forest for the trees and getting 74's

i like to focus on the major stuff (ofcourse looking out for the typical trickery that examiners can throw at me regarding the major stuff)

i refuse to juggle all these tiny tiny details in my head and end up not remembering something major. (theres only so much brain real estate up there lol)

i dont know how many people do this, but if i encounter an obscure topic that i cant immediately grasp (within 30 minutes say) i just skip it outright. if i get it on exam day then oh well thats the luck of the draw,maybe its pretest maybe iguess right but worse comes to worse ill take the one point hit.

i completely disagree with aiming for a 100 on these exams. i also disagree with aiming for a 75. i aim for a 90. i recommend this strategy to everybody.

[Author]

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