sjrcpa
Level 15
12-28-2023
05:27 PM
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1. No. It was acquired by the trust and sold in the same year.
2. 1231 Loss.
Consider making a 645 election to treat the trust as part of the estate. Then you can do a first and final 1041 for the period from date of death through termination in February 2024. Otherwise trusts have to use a calendar year and client is looking at two trust returns.
The more I know the more I don’t know.