sjrcpa
Level 15
04-03-2025
04:55 PM
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"1. (iii) to elect any item either as an income or estate tax deduction for any tax reporting purpose; "
This means that for tax deductions, the fiduciary can choose whether to deduct on the 1041 or 706, when there is a choice. That comports with the IRC and CA law.
Since IRS and CA law can't be overridden, does this make the trust defective? No
The more I know the more I don’t know.