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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 · How can a 663(b) election be beneficial? The tax brackets for estates and non-grantor trusts are 0%, 15%, 25%, 28%, 33% and 39.6%, similar to individuals. The major difference between estates and trusts and individuals is that estates and trusts reach the maximum tax bracket of 39.6% once their taxable income is over $12,400, compared to ...
DA: 42 PA: 30 MOZ Rank: 39
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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: 74 PA: 44 MOZ Rank: 73
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Internal Revenue Service Department of the Treasury Number: …
https://www.irs.gov/pub/irs-wd/202332010.pdf
WEBAug 11, 2023 · Section 1.663(b)-2(a)(1) of the Income Tax Regulations provides that if a trust return is required to be filed for the taxable year of the trust for which the election is made, the election shall be made in the appropriate place on such return.
DA: 77 PA: 36 MOZ Rank: 85
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Internal Revenue Service Department of the Treasury Number: …
https://www.irs.gov/pub/irs-wd/202007002.pdf
WEBFeb 14, 2020 · Trust 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, 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
DA: 92 PA: 81 MOZ Rank: 60
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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 · Election Basics 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 ...
DA: 44 PA: 27 MOZ Rank: 58
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Trustees of non-grantor trusts and 65 Day Tax Rule for 2021
https://www.natlawreview.com/article/time-running-out-to-use-65-day-rule
WEBFeb 24, 2021 · IRC Section 663 (b) allows a trustee to elect to treat distributions made during the first 65 days of the current tax year as distributions made during the immediately preceding tax...
DA: 94 PA: 70 MOZ Rank: 91
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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: 17 PA: 14 MOZ Rank: 24
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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: 25 PA: 21 MOZ Rank: 34
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Trustees: Save on Taxes with the Trust Distributions 65-Day Rule
https://www.prudentinvestors.com/blog/trustees-save-on-taxes-with-the-trust-distributions-65-day-rule/
WEBJan 18, 2023 · Section 663(b) is even more useful when a non-grantor trust gives the trustee discretion to allocate and distribute capital gains as income. Trustees should review the trust document to determine they are given this authority; they should also review state laws (e.g. in California Probate Code 16335 and 16336 ) and consult with their attorney.
DA: 9 PA: 41 MOZ Rank: 63
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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. What Is the 65-Day Rule in Tax Planning?
DA: 14 PA: 43 MOZ Rank: 29
