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What Every Fiduciary Should Know About the 65-Day Rule
https://www.marcumllp.com/insights/every-fiduciary-know-65-day-rule
WEBOct 22, 2017 · One of the tax planning tools available to fiduciaries of estates and non-grantor trusts is the 663(b) election, also known as the “65-day rule.” Simply put, a 663(b) election allows distributions made to beneficiaries within 65 days of year-end to be counted as prior-year distributions.
DA: 21 PA: 5 MOZ Rank: 25
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65-Day Rule Maximizes Trust/Estate Tax Efficiency | Mercer Advisors
https://www.merceradvisors.com/insights/trust-estate/maximize-your-estate-or-trusts-tax-efficiency-with-the-65-day-rule/
WEBFeb 12, 2024 · One significant tax election is the 663 (b) elections – known as the 65-day rule. The Internal Revenue Code section 663 (b) (1) provides that a distribution from a trust or an estate within the first 65 days of the tax year can be made effective as of the last day of the preceding tax year.
DA: 47 PA: 49 MOZ Rank: 21
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Internal Revenue Service Department of the Treasury Number: …
https://www.irs.gov/pub/irs-wd/202007002.pdf
WEBFeb 14, 2020 · election under § 663(b). The election should be made by filing, with the appropriate service center, income tax returns for Year 1 and Year 2, as necessary, to include the election and properly report the tax consequences of the Distribution in a manner consistent with the election having been made. A copy of this letter should be attached
DA: 51 PA: 73 MOZ Rank: 79
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Internal Revenue Service Department of the Treasury Number: …
https://www.irs.gov/pub/irs-wd/202332010.pdf
WEBAug 11, 2023 · election under § 663(b). The election should be made by filing income tax returns (or amended returns) for Year 1 and Year 2, as necessary, to include the election and properly report the tax consequences of the Distribution in a manner consistent with the election having been made. The income tax return(s) must be filed within the 120-day
DA: 97 PA: 36 MOZ Rank: 6
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The 65-Day Rule: Should You Make the Election? - Prager Metis
https://pragermetis.com/insights/65-day-rule-make-election/
WEBFeb 9, 2023 · Section 663(b) of the U.S. tax code allows fiduciaries of estates and complex trusts to elect into what is informally known as the “65-day election.” The 65-day election gives fiduciaries an additional 65 days after the end of the fiscal year to make beneficiary distributions and still be able to report them on their prior-year tax return.
DA: 14 PA: 49 MOZ Rank: 20
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Understanding the 65-Day Rule | BGM - Boeckermann Grafstrom
https://bgm360.com/news-insights/the-65-day-rule-post-year-end-tax-planning-for-estates-and-certain-trusts/
WEBJan 25, 2024 · Found in Tax Code 663 (b), the 65-Day Rule, formally known as the 65-Day Election, is a critical election for estate or trust tax planning strategies. Taking advantage of this rule could result in significant tax savings.
DA: 85 PA: 77 MOZ Rank: 80
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Trust and Estate Distributions in 2020 May Provide 2019 Tax …
https://www.americanbar.org/groups/taxation/publications/abataxtimes_home/20feb/20feb-pp-lepore-trust-estate-distributions/
WEBSection 663 (b) allows a trustee or executor to make an election to treat all or any portion of amounts paid to beneficiaries within 65 days of the close of the trust’s or estate’s tax year as though they were made on the last day of the prior tax year.
DA: 73 PA: 57 MOZ Rank: 51
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What Every Trustee Should Know About Making the Election …
https://www.spadealawfirm.com/what-every-trustee-should-know-about-making-the-election-to-use-the-65-day-rule/
WEBFeb 19, 2018 · One of the tax planning tools available to trustees of estates and complex trusts is the IRC Section 663 (b) election, also known as the “65-day rule.” Simply put, a 663 (b) election allows distributions made to beneficiaries within 65 days of year-end to be counted as prior-year distributions.
DA: 43 PA: 68 MOZ Rank: 39
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Internal Revenue Service Department of the Treasury Number: …
https://www.irs.gov/pub/irs-wd/201928010.pdf
WEBJul 12, 2019 · As a result, Estate is granted an extension of time of 120 days from the date of this letter to file an election under § 663(b). The election should be made by filing an income tax return for the year ending on Date 2, amended to include the election, with the appropriate service center.
DA: 39 PA: 56 MOZ Rank: 3
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Tax Tip: Fiduciaries Have an Extra 65 Days for ... - Bloomberg Tax
https://news.bloombergtax.com/tax-insights-and-commentary/tax-tip-fiduciaries-have-an-extra-65-days-for-discretionary-distributions
WEBDec 28, 2021 · The Section 663 (b) election is made on a timely filed tax return for the preceding year, is irrevocable, can be for all or only a portion of the distributions within the 65-day period, and is elected on a yearly basis.
DA: 69 PA: 65 MOZ Rank: 19
