TAXMAN Posted April 1, 2023 Report Share 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 Link to comment Share on other sites More sharing options...
DANRVAN Posted April 4, 2023 Report Share 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 Link to comment Share on other sites More sharing options...
DANRVAN Posted April 4, 2023 Report Share 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 Link to comment Share on other sites More sharing options...
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