Income in Respect of a Decedent (IRD) (427)

General Description:

The participant will learn to identify IRD items and determine their appropriate tax treatment including the appropriate return for income inclusion, issues of timing, and the tax treatment of special items such as inherited IRAs and certain U.S. Treasury Bonds.

Learning Objectives:

After completing this course the participant will be able to:

• Identify items of income qualifying as IRD.
• List frequently encountered IRD items and analyze their appropriate tax treatment.
• Explain the relationship between the decedent’s final return, the estate income tax return, the returns of beneficiaries, and the estate tax return.
• Identify the appropriate return for the inclusion of the decedent’s income.
• Calculate the deduction for income in respect of a decedent.
• Identify appropriate authorities for IRD income issues.

Instructors:

Richard L. Russell, Jr. is an associate professor of accounting at Metropolitan State University of Denver (MSU Denver), teaching Tax I & II in the undergraduate program and Tax Research, Tax Practice & Procedure, and Partnership Taxation in the graduate Master of Professional Accountancy program. He earned his bachelor’s degree in accounting and Master of Professional Accountancy from Jackson State University and J.D. from the University of Iowa College of Law. He is licensed as a CPA in Mississippi and Colorado and licensed as an attorney in Colorado. He has served as a member of the AICPA’s Regulation Subcommittee, which votes on CPA exam questions related to tax and business law, and is licensed to practice before the United States Tax Court.

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