|
|
|
|
|
| Can an estate, which ultimately poors over and distributes to a revocable living trust, make a 642(c) set aside deduction, if in the subsquent year the revocable trust (now the administrative trust) distributes markable securities to a private foundation?
|
|
|
|
|
Member
Group: Forum Members
Last Login: 10/9/2009 1:02:49 PM
Posts: 7,
Visits: 20
|
|
| An estate may deduct, for income tax purposes, income paid pursuant to the terms of the governing instrument for charitable purposes. It is not clear from your question whether the governing instrument had such terms. Please provide additional information.
|
|
|
|
|
|
|
The terms of the will state:"Dispostion of estate" "I give my entire estate, real, personal and mixed to the trustee of the ____ Living Trust, established at the same date as this will. My estate shall be added to and administered and distributed according to the terms of the living trust."
The living trust then utimately will distibute the residue to a private foundation. Can the probate estate fiduciary income tax return take a 642(c) set aside deduction?
|
|
|
|
|
Member
Group: Forum Members
Last Login: 2 days ago @ 9:52:16 AM
Posts: 13,
Visits: 95
|
|
| I believe you can if you make the Section 645 election on the initial fiduciary return.
|
|
|
|