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Business & farm
@catheco wrote:Please confirm or advise if when the cash amount of $28k is distributed to the beneficiaries NO k-1 is issued because it's been paid at the estate level.
That would be correct; the distribution would consist entirely of corpus (principal) and no tax liability would accrue to the beneficiaries.
K-1s would not need to be issued unless items of income, gain, deduction, or credit were being distributed (or deemed to be distributed) to the beneficiaries.
‎September 27, 2021
11:32 AM