@taxdean wrote:
Perhaps the answer is to file for an extension but, I think, that means all 5, count 'em, beneficiaries will have to put filing their personal tax returns on ice, or amend them later, none of which sounds good for me.
I understand but it appears as if you will, at best, be distributing a net loss to the beneficiaries which, depending upon the amount and each beneficiary's personal financial situation, might not make much of a difference in their tax liability (at the very least, they should not owe any additional amount). So, the end result might be one or more would not even need to file an amended return.
