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A Form 1041 is filed for a Credit Shelter Trust & shows a…

A Form 1041 is filed...
A Form 1041 is filed for a Credit Shelter Trust & shows a loss on the Taxable Income line (Page 1, line 22). Is this loss carried forward?
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10/2/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: Is this loss carried forward?

A: Based on the following information, the answer is yes. SEE BELOW:

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The net operating loss carryover and the capital loss carryover are taken into account in computing taxable income, adjusted gross income, and the tax imposed by section 56 (relating to the minimum tax for tax preferences). The first taxable year of the beneficiary to which the loss shall be carried over is the taxable year of the beneficiary in which or with which the estate or trust terminates.

REFERENCE SOURCE:

https://www.law.cornell.edu/cfr/text/26/1.642%28h%29-1

Paragraph (b).

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Additional info:

--------------------------

Excess Deductions and Loss Carryovers. a. Upon termination of an estate or trust, the estate or trust’s excess deductions and unused net operating loss and capital loss carryovers may be used by the residuary beneficiaries of the estate or trust. Net operating loss and capital loss deductions may be carried forward by the beneficiaries, but may not be carried back. Excess deductions (deductions over income in the estate or trust’s final tax year) are deductible only in the beneficiary’s taxable year during or at the end of which the estate or trust terminates. b. c. (1) Excess deductions are not used to calculate a beneficiary’s adjusted gross income. They are miscellaneous itemized deductions and deductible only to the extent that the beneficiary’s total miscellaneous itemized deductions exceed 2 percent of the beneficiary’s adjusted gross income. An estate or trust’s excess deductions do not include its charitable deduction.

REFERENCE SOURCE:

http://media.straffordpub.com/products/calculating-fiduciary-accounting-income-for-trusts-interpreting-operating-documents-applying-upia-and-state-law-2016-06-21/presentation.pdf

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