I know it is late to the date of filing but this was just dumped in my lap by my husband (1 of 2 executors for Dad's estate) as the hired accountant put the estate on hold until AFTER tax deadline. Here is where I struggle.
The estate account was created using the balance of checking/savings account, the sale of the family's home (below market value for the area) and the sale of personal property. All of this is considered corpus correct?
This estate has a trust in which a beneficiary's share from the 1st distribution of the estate was placed so it would not be squandered away but used to purchase a permanent home for the beneficiary (2022). The home was purchased below FMV and the trust paid for the home plus property taxes and other fees. The trust owns the home and will be passed on to the beneficiary's surviving child when the beneficiary passes.
I am sure I will have more questions before tomorrow night. Thank you all for helping me out on short notice.
/hugs
Shabbate
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