Home

Welcome

Latest Discussions

  • Posted in: NAEA Member Forum

    The time for making the IRC 645 election is fixed by statute. IRC 645(c) states that the election "shall be made not later than the time prescribed for filing the return of tax imposed by this chapter for the first taxable year of the estate (determined ...

  • Profile Picture

    Question re: Basis

    Posted in: NAEA Member Forum

    All: I was asked by a family member about this interesting situation- not my area of expertise. What do you think? Thanks in advance for your input and assistance. Taxpayer invests $35/share in C Corp C Corp sold with future earnout provision ...

  • Profile Picture

    late 645 election

    Posted in: NAEA Member Forum

    Just got a referral from an attorney on a trust issue.  Person who prepared the a first trust return did not elect section 645.  Tax due on the trust was over $60,000.  If a 645 election had been taken. we could have deducted charity and issued k-1s to ...