it does ... The issue of whether the fiscal year is 52 or 53 weeks is coincidental to WHICH 12 month fiscal year is
One of the most versatile elections available to an estate is the ability to make a fiscal year election for the estate. The executor or personal
representative may elect any year end provided it ends on the last day of the month and does not exceed 12 months in length.
But again the 52 vs 53 issue is just coincidental to WHIICH 12 month period is chosen
is due three months and 15 days after the elected year end, so it is important to address this early in the administrative process. One of the first step in the estate process is to file for a tax identification number. This application (Form SS-4
) will ask for the year end of the trust. The attorney or accountant preparing the application will often select a calendar year end (December) or the month preceding the decedent’s death with anticipation of using this as the fiscal year. However, even if the Form SS-4 was completed using a one of these year ends, the executor of the estate is not held to this and may select any year end that accommodates the needs of the estate.
Despite the benefits
of a fiscal year election, sometimes a calendar year is more practical. If an estate is not well organized and holds mostly investment accounts, you can simplify the tax reporting
by electing a calendar year and filing
income tax returns
from the tax documents (e.g. Form 1099′s) that are issued to the estate. This is particularly true if the decedent passed away early in the calendar year and there is not much opportunity for deferral.
So, the answer to your question is ... Yes ... As LONG as you satisfy the 12 month rule