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Section 643(e)(3) election
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janderson
Level 1
09-27-2023
03:34 PM
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I am preparing the final return for a complex Trust with a lot of unused Passive Losses that cannot be distributed to the Beneficiary. I read different articles that the Trust could make a Section 643(e)(3) election to report the distribution of Trust assets at FMV. The Trust would report the Gain, which would be offset by the unused losses. The one question I have - Does the Trust have to show all assets being distributed at FMV? Can I choose which assets are "sold" at FMV, and those that are distributed to the Beneficiary at their tax basis?
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