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H
Horseaddict
Level 3
February 15, 2020

Trust assets

  • February 15, 2020
  • 1 reply
  • 3 views

Trust with royalties from mineral rights was closed and the beneficiaries have created a partnership with the mineral rights assets.  Can I do distribution to beneficiaries without making it taxable?  I was told the FMV is about $800,000 based on barrels of oil expected to be produced.

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    1 reply

    Ernie
    Ernie
    Level 7
    February 15, 2020

    I think EVERYONE would love to have tax free income.

    How should royalties be handled and taxed when in a Partnership?

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