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I have a client that has a K1 (1041) that has box 4a Net long-term capital gain of $24,000.00. Is there any things I can do to lessen the tax owed?

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Level 1

My client owes several thousand dollars because of this distribution.  Is there anything I can do to decrease the tax owed beyond good tax planning?

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Level 15

Sure there is, but it depends on how long of a potential prison sentence you and your client are willing to chance.  But if you hate prison as much as I do, good tax planning is the answer and it is awfully hard to do once the year is over.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 15

Sure there is, but it depends on how long of a potential prison sentence you and your client are willing to chance.  But if you hate prison as much as I do, good tax planning is the answer and it is awfully hard to do once the year is over.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 10

It's too late this year, but next year he could tell the trustee not to write him a check.  Personally I wouldn't mind too much paying $3,600 and getting to spend the rest.

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