Discussion:Allocation of AMT adjustment in trust's final year
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| Revision as of 02:33, 6 April 2009 Riley2 (Talk | contribs) (I believe that t) ← Previous diff |
Revision as of 02:55, 6 April 2009 JAD (Talk | contribs) (Riley, thank you) Next diff → |
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| {{ForumReplyPost|UserID=Riley2|Date=6 April 2009|Text=I believe that the AMT adjustment must be allocated to the residual trust. See Sec. 59(c).}} | {{ForumReplyPost|UserID=Riley2|Date=6 April 2009|Text=I believe that the AMT adjustment must be allocated to the residual trust. See Sec. 59(c).}} | ||
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| + | {{ForumReplyPost|UserID=JAD|Date=6 April 2009|Text=Riley, thank you for your response. I will work from 59(c). It makes a huge difference. Thank you!}} | ||
Revision as of 02:55, 6 April 2009
Discussion Forum Index --> Advanced Tax Questions --> Allocation of AMT adjustment in trust's final year
Discussion Forum Index --> Tax Questions --> Allocation of AMT adjustment in trust's final year
| 6 April 2009 | |
| The trust is final in 2008. The ordinary income is allocated to the income beneficiary. The pecuniary gain on funding is allocated to the residual trust.
Lacerte is allocating the whole AMT adjustment to the income beneficiary. Is there any basis to allocate some of the AMT adjustment to the entity receiving the allocation of capital gain? I cannot find any guidance. Thank you for any help. | |
| 6 April 2009 | |
| I believe that the AMT adjustment must be allocated to the residual trust. See Sec. 59(c). | |
| 6 April 2009 | |
| Riley, thank you for your response. I will work from 59(c). It makes a huge difference. Thank you! | |
