Specific bequest business assets had to be sold at a loss to pay estate administrative expenses. There were no residuary assets. Do the losses go on the final K-1s of the specific bequest beneficiaries? Or, just on the final K-1 of the residuary beneficiary who received no distributions? Or, are these excess deductions which are no longer deductible by anyone? Tax regulation citation?
Specific bequests do not carry out income or losses. In the final year, income, capital losses and excess dedcutions on termination flow out on the residuary beneficiary(ies) K-1s.
Specific bequests do not carry out income or losses. In the final year, income, capital losses and excess dedcutions on termination flow out on the residuary beneficiary(ies) K-1s.
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