hbmurphyjr
Level 2
02-16-2020
06:41 AM
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I quote from the tax advisor, August 2014 on distributable net income. I have failed in attempting to do this in my ProSeries software. Any ideas on how to do it? Or even if IRS will permit it?
https://www.thetaxadviser.com/issues/2014/aug/tax-clinic-03.html
The implementation of the Uniform Principal and Income Act of 1997 (UPAIA) and the 2004 revisions to the regulations under Sec. 643 have provided fiduciaries with some flexibility in making distributions of capital gains to beneficiaries. Tax advisers should understand the options available under state law, including the "power to adjust" and "unitrust" provisions, and how those provisions intersect with Regs. Sec. 1.643(a)-3.
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