Section 663(b) allows trusts to treat amounts paid or credited within 65 days of any taxable year to be treated as paid or credited on the last day of the preceding year.
The deadline for filing section 663(b) elections is the last day for timely filing the return for preceding year. The IRS has discretion to permit extensions of up to six months where the taxpayer acted reasonably and in good faith.
See PLR 201245008 (July 31, 2012).
Posted by Conan Yuzna, Associate Editor, Wealth Strategies Journal
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