Taxable Income of an Estate: Can it be Distributed?
Suppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….
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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Trusts, Wills