45 IAC 3.1-1-14 Report of distribution; allocation by nonresident estate or trust

Authority: IC 6-8.1-3-3

Affected: IC 6-3-1-3.5; IC 6-3-2-2

Sec. 14. Allocation of Distributable Net Income Distributed to Beneficiaries. If an estate or trust must use the distribution deduction, then such estate or trust must complete the supplemental schedule of Form IT-41 (Schedule B).

The fiduciary will allocate the distributable net income to the beneficiaries and will show the character of the distributable net income required to be distributed.

If there is a distribution of distributable net income, the fiduciary will give the names, addresses and social security numbers of the beneficiaries.

The fiduciary will also show the amount of income required to be distributed by reason of a trust instrument.

Nonresident trusts and estates operating businesses in Indiana will allocate and apportion their income using the 3-factor formula outlined in IC 6-3-2-2(b).

(Department of State Revenue; Reg 6-3-1-3.5(c)(050); filed Oct 15, 1979, 11:15 am: 2 IR 1519; errata, 2 IR 1743)