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Business & farm
You can make the 663(b) election if the distribution is made within 65 days of the close of the trust's tax year.
However, you are not required to file a return if the trust has neither income nor gains (or otherwise incurred any expenses (deductions) or received any tax credits).
Regardless, you can file a return marked as "final" to officially close out the (terminated) trust with the IRS.
‎February 19, 2025
7:03 AM