sjrcpa
Level 15
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Trusts can only have Calendar Years.
But if you make a 645 election to treat the estate and trust as one, then the estate can have a fiscal year. This election is only good for 2 years from date of death.
When distributing property you can make an election to recognize gain at the trust/estate level but I have rarely seen it done.
Show as other distributions and it will carry out income earned on Beneficiary K-1s
The more I know the more I don’t know.