Taxation of the Deceased
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
Additional Knowledge Expected of CFP Professionals
- Explain how the death of an individual may be treated for income tax purposes.1
- When the deceased owned capital property at the time of their death
- When the deceased owned non-depreciable capital property at the time of their death
- When the deceased owned depreciable capital property at the time of their death
- Explain how net capital losses may be used for a deceased taxpayer.2
- Explain how medical expenses may be claimed on the return for a deceased individual.3
- Explain how charitable donations may be used for a deceased taxpayer
- Identify the availability of donation tax credits for:
- Donations of the deceased and
- Donations of the estate
previous / Tax Returns for the Deceased