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Deductions & credits
Section 645 election is made if you want to treat the trust as part of the estate. You don't need to file an 8855.
If the proceeds were distributed the gain appears on the K-1s so the beneficiaries pay the tax.
This is long term gain to the benes. The cost basis is deducted at the trust level.
GET HELP from a tax pro.
‎January 22, 2022
7:31 PM