NIMCRUT required unitrust distribution

Forum|Forum|4 years ago
October 12, 2021
1 reply
27 views

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~

ProConnect Tax

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Best answer by qbteachmt

I forgot to mention this is a NIMCRUT

"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.

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

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L

linduca1216Author

Level 6

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!

L

linduca1216Author

Level 6

I forgot to mention this is a NIMCRUT

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