A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all distributions made during a 65-day period as having occurred on the last day of the prior tax year.
While the 65-Day Election for Trusts is an important tool to maximize tax efficiency, there are specific guidelines relating to the time period. The time period must end on the 65th day following the end of the prior year.
Distributions must be made during the first 65 days of the year, however, the election is made when Form 1041 income tax return is filed. For trusts and estates with tax years ending December 31, 2022, the 65-day time period ends Monday, March 6.
Please contact your HM&M tax advisor soon for help in analyzing the possible benefits of a 65-day election.
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