TAXMAN Posted April 1, 2023 Report Posted April 1, 2023 TP created trust with a $1.00. TP died everything went to trust to bypass probate. Every thing in trust converted to cash and paid out to heirs according to trust aggrement. On form 1041 can I make a 645 election? Makes a difference in filing date as a trust would be on cal year where I could use a fiscal year. What is your opinion? Quote
DANRVAN Posted April 4, 2023 Report Posted April 4, 2023 On 4/1/2023 at 9:16 AM, TAXMAN said: 645 election? As long as it was a qualified revocable trust under sec 676. Quote
DANRVAN Posted April 4, 2023 Report Posted April 4, 2023 On 4/1/2023 at 9:16 AM, TAXMAN said: where I could use a fiscal year Would also be eligible for accrual accounting election; and an initial short year that might result in better matching of income and expenses. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.