But my father did NOT make the election. We the executors want(ed) to make it.
But as I've dug deeper into this, it looks like we have an alternative that avoids the high 1041 tax bracket. Seems that we can pass the capital gains portion of the 2020 installment payments through to beneficiaries via the K-1, and then the gains will be taxed at the lower bracket (most or all of the beneficiaries should be in the 15% long term bracket). And that's what I was trying to accomplish in the first place.
Thanks for the reply and the citation.
Jim
