I am preparing a company tax return.
The trust beneficiary statement shows:
* Share of income of the trust estate (W): $670,326
* Non-primary production (B): -$222,623
* Gross capital gain (F1): $892,949
The capital gain is being reported separately in the Capital Gains Schedule.
My understanding is that a trust loss cannot be distributed to a beneficiary and Item 6E (Gross distributions from trusts) cannot be a loss.
Should the company include the -$222,623 non-primary production amount in the Trust Income Schedule, or should it be left out and only the capital gain component reported?
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