I have a client that has a K1 (1041) that has box 4a Net long-term capital gain of $24,000.00. Is there any things I can do to lessen the tax owed?

[glasstax]

My client owes several thousand dollars because of this distribution.  Is there anything I can do to decrease the tax owed beyond good tax planning?

[IRonMaN · Accepted solution]

Sure there is, but it depends on how long of a potential prison sentence you and your client are willing to chance.  But if you hate prison as much as I do, good tax planning is the answer and it is awfully hard to do once the year is over.

[rbynaker]

It's too late this year, but next year he could tell the trustee not to write him a check.  Personally I wouldn't mind too much paying $3,600 and getting to spend the rest.