This module provides a comprehensive overview of fiduciary taxation, focusing on the role and responsibilities of fiduciaries and the principles of fiduciary accounting income (FAI). Participants receive a high-level introduction to governing documents and beneficiary classifications, then apply state-adopted Uniform Acts to determine the proper allocation of receipts and disbursements between income and principal for FAI purposes through a continuous client case study. The course builds from FAI concepts to the preparation of Form 1041, including the allocation of direct, excess direct, and indirect expenses. Participants also compute distributable net income, the income distribution deduction, and allocate items to beneficiaries that will be reported on their K-1s. At the end of this module, participants evaluate the accuracy of simulated social media claims related to fiduciary taxation and defend their conclusions using authoritative guidance.