Passing out Foreign Tax Credit to Beneficiary

Technical topics regarding tax preparation.
#1
SACPA  
Posts:
8
Joined:
20-Dec-2016 11:30am
Location:
San Antonio
A complex trust has no distributions in the current year and no tax due to large losses incurred. There are current year foreign taxes paid on investment income of the trust. Can this credit be passed out to the beneficiary even though there is no income distribution?
 

#2
Noobie  
Posts:
1134
Joined:
22-Apr-2014 1:35pm
Location:
Jacksonville, FL
Depends on if the income/loss is auto distributed to the beneficiaries, or if it is taxed at the trust level.
 


Return to Taxation



Who is online

Users browsing this forum: CoastalCPA, dellpaul, Google [Bot], Google Adsense [Bot], JoJoCPA, MAPCPA60, mariaku, Nilodop, sjrcpa, SlipperyPencil and 148 guests