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This is a Trust relatd question. When the surviving spouse/Trustee

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This is a Trust relatd...
This is a Trust relatd question.
When the surviving spouse/Trustee of B trust dies, who pays income tax on Trust's income such as interest, dividend or capital gains for the final year ? The Trust or the beneficiaries?
Thanks

Dean
Submitted: 5 years ago.Category: Tax
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Answered in 5 minutes by:
5/2/2012
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
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Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Since in the final year of the trust, the income is distributed to the beneficiaries, the trust issues K-1s to the beneficiaries for the net income of the trust & the beneficiaries pay the tax.

Also, if there was a capital loss carryforward, it would be passed on to the beneficiaries in the final year of the trust.
Stephen G.
Stephen G., Sr Income Tax Expert
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Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago
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