Doing trust accounting in court format. I generally follow AICPA procedures and theres flexibility on reporting. My question is what you see more often.
Trust is single member of an LLC that operates a business. LLC has it's own bank account.
Do you typically see an equity method of accounting even with 100% ownership or do you see in these cases the trust accounting showing every cash transaction that the business has?
I left it up to the trustee as to how he wants to show it to the beneficiaries as I've seen it both ways. Just not sure what's more common.