Estate Income Tax Return

[peggysioux5]

Can an estate use the 663(b) election (the 65-day rule) if the distributions are capital gains? 

[Catherine]

Standard accounting answer:  it depends.

Can't exceed taxable income or DNI.  Capital gains are attributed to corpus.  But if there is taxable or DNI income to cover it, I don't read where you cannot use the election for gains.  I could also be wrong.