"I received a Schedule K-1 from a Decedent's Estate. Am I required to include the K-1 income on my 1040 since taxes were already paid by the estate (form 1041)?"

IRS Publication 559, page 16 states "Income of the estate is taxed to either the estate or the beneficiary, but not to both." Since the estate has already paid the tax on this income, am I required to include this information on my form 1040?