Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

NIMCRUT required unitrust distribution

linduca1216
Level 5

I thought there was a time frame after the year-end, where the required unitrust distribution could be made and not show up as a liability on the balance sheet...    Of course, now I can't find info on that.

Thanks~

 

 

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
qbteachmt
Level 15

"I forgot to mention this is a NIMCRUT"

It's in the title. We got that part. I was trying to spot the wording you thought you remembered.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

6 Replies 6
qbteachmt
Level 15

Maybe you are remembering reading this?

"Line 55. Other liabilities.

List and show the amount of each liability not reportable on lines 51 through 54. Attach a separate statement if more space is needed.

Charitable remainder unitrusts must include any unitrust amounts applicable to prior periods that are unpaid but required to be paid as of the valuation date, since such amounts reduce the net FMV of the trust's assets. However, don't include any make-up amount for a NIMCRUT."

https://www.irs.gov/instructions/i5227

 

*******************************
"Level Up" is a gaming function, not a real life function.
linduca1216
Level 5

So, if the withdrawal wasn't made for a prior year, it would not be shown on the b/s NOR would the current amount due to be paid out for the tax year.... I think I'm missing something here... brain is getting tired!

0 Cheers
linduca1216
Level 5

I forgot to mention this is a NIMCRUT

0 Cheers
qbteachmt
Level 15

"I forgot to mention this is a NIMCRUT"

It's in the title. We got that part. I was trying to spot the wording you thought you remembered.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

linduca1216
Level 5

Yes, and you were right about the reference!

 

0 Cheers
linduca1216
Level 5

Am I correct in my assumption re: not showing it on b/s?

0 Cheers