Distribution eight days earlier and you could have made the return the initial and final tax return. I think you will end up filing two tax returns.
It is not uncommon for an estate or trust to have a short tax year when they file the final tax return for an entity. Typically, the estate calendar year starts on the day of the estate owner’s death and ends on December 31 of the same year.
The executor, however, can file an election to choose a fiscal year, which means the tax year ends on the last day of the month before the one-year anniversary of death. The executor then has up to 12 months to file the income tax return.
The estate tax return is generally due four months after the close of the tax year.
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