The information for completing Form 1041 and the Schedule K-1: Missy Brown (Social Security number 123-45-6789), beneficiary for the Brown Trust set up by her father on April 1, 2008, lives at 545 Oak Avenue in Lexington, NC 27292. The trust and Missy both have a calendar year. Under the terms of the trust instrument, the fiduciary?s fees are allocated to income, and the trustee must distribute all of the entity?s accounting income to Missy Brown by February 15 of the following year. The trustee followed this charge and made no other distributions during the year, and the fiduciary fees were assigned as an offset to taxable interest. There are no tax credits for the year, and none of the entity?s income was from a personal services contract. The trust has no economic interest in any foreign trust, and the identification number is 11-1111111. The trustee is TXB Bank located at 898 Main Street, Lexington, NC 27292. Activities Dividend income, all U.S. stocks: $50,000 Taxable interest income: $30,000 Fiduciary?s fees: $10,000
Trust Tax Return GENERAL INFORMATION Missy Brown (Social Security number 123456789), beneficiary for the Brown Trust set up by her father on April 1, 2008, lives at 545 Oak Avenue in Lexington, NC 27292. The trust and Missy both have a calendar year. Under the terms of the trust instrument, the fiduciary's fees are allocated to income, and the trustee must distribute all of the entity's accounting income to Missy Brown by February 15 of the following year. The trustee followed this charge and made no other distributions during the year, and the fiduciary fees were assigned as an offset to taxable interest. There are no tax credits for the year, and none of the entity's income was from a personal services contract. The trust has no economic interest in any foreign trust, and the identification number is 111111111. The trustee is TXB Bank located at 898 Main Street, Lexington, NC 27292. Activities Dividend income, all U.S. stocks: $50,000 Taxable interest income: Fiduciary's fees: $30,000 $10,000 Form 1041 Department of the TreasuryInternal Revenue Service U.S. Income Tax Return for Estates and Trusts 2013 OMB No. 1545-0092 Information about Form 1041 and its separate instructions is at www.irs.gov/form1041. For calendar year 2013 or fiscal year beginning , 2013, and ending A Check all that apply: Decedent's estate , 20 Name of estate or trust (If a grantor type trust, see the instructions.) C Employer identification number Name and title of fiduciary D Date entity created Number, street, and room or suite no. (If a P.O. box, see the instructions.) E Nonexempt charitable and splitinterest trusts, check applicable box(es), see instructions. City or town, state or province, country, and ZIP or foreign postal code if not a private foundation Simple trust Complex trust Qualified disability trust ESBT (S portion only) Grantor type trust Bankruptcy estate-Ch. 7 Bankruptcy estate-Ch. 11 Pooled income fund B Number of Schedules K-1 attached (see instructions) Described in sec. 4947(a)(1). Check here F Check applicable boxes: Initial return Final return Amended return Change in fiduciary's name Change in fiduciary's address . Trust EIN Income Deductions Tax and Payments Other payments: f Form 2439 . . . . ; g Form 4136 . . 1 2a . . . . . 3 4 5 6 7 8 9 10 11 12 13 14 15a 15b 15c 16 . . . . . . . . . . . . . . . . . ; Total Total payments. Add lines 24c through 24e, and 24h . . . . . . . . . . . . . Estimated tax penalty (see instructions) . . . . . . . . . . . . . . . . . . . Tax due. If line 25 is smaller than the total of lines 23 and 26, enter amount owed . . . . . Overpayment. If line 25 is larger than the total of lines 23 and 26, enter amount overpaid . . Amount of line 28 to be: a Credited to 2014 estimated tax ; b Refunded 18 19 20 21 22 23 24a 24b 24c 24d 24e 24h 25 26 27 28 29 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Sign Here . Net operating loss carryback Change in fiduciary Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . Total ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . Qualified dividends allocable to: (1) Beneficiaries (2) Estate or trust Business income or (loss). Attach Schedule C or C-EZ (Form 1040) . . . . . . . . Capital gain or (loss). Attach Schedule D (Form 1041) . . . . . . . . . . . . . Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040) Farm income or (loss). Attach Schedule F (Form 1040) . . . . . . . . . . . . . Ordinary gain or (loss). Attach Form 4797 . . . . . . . . . . . . . . . . . Other income. List type and amount Total income. Combine lines 1, 2a, and 3 through 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest. Check if Form 4952 is attached Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fiduciary fees . . . . . . . . . . . . . . . . . . . . . . . . . . Charitable deduction (from Schedule A, line 7) . . . . . . . . . . . . . . . Attorney, accountant, and return preparer fees . . . . . . . . . . . . . . . Other deductions not subject to the 2% floor (attach schedule) . . . . . . . . . . Net operating loss deduction (see instructions) . . . . . . . . . . . . . . . Allowable miscellaneous itemized deductions subject to the 2% floor . . . . . . . . Add lines 10 through 15c . . . . . . . . . . . . . . . . . . . . . . Adjusted total income or (loss). Subtract line 16 from line 9 . . . 17 Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041) Estate tax deduction including certain generation-skipping taxes (attach computation) . . Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . Add lines 18 through 20 . . . . . . . . . . . . . . . . . . . . . . . Taxable income. Subtract line 21 from line 17. If a loss, see instructions . . . . . . . Total tax (from Schedule G, line 7) . . . . . . . . . . . . . . . . . . . Payments: a 2013 estimated tax payments and amount applied from 2012 return . . . Estimated tax payments allocated to beneficiaries (from Form 1041-T) . . . . . . . Subtract line 24b from line 24a . . . . . . . . . . . . . . . . . . . . Tax paid with Form 7004 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . Federal income tax withheld. If any is from Form(s) 1099, check 25 26 27 28 29 . Change in trust's name G Check here if the estate or filing trust made a section 645 election . 1 2a b 3 4 5 6 7 8 9 10 11 12 13 14 15a b c 16 17 18 19 20 21 22 23 24 b c d e . Described in sec. 4947(a)(2) May the IRS discuss this return with the preparer shown below (see instr.)? Yes No Signature of fiduciary or officer representing fiduciary Paid Preparer Use Only Print/Type preparer's name Date Preparer's signature EIN of fiduciary if a financial institution Date Check if self-employed Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11370H PTIN Form 1041 (2013) Page 2 Form 1041 (2013) Schedule A 1 2 3 4 5 6 7 Amounts paid or permanently set aside for charitable purposes from gross income (see instructions) . Tax-exempt income allocable to charitable contributions (see instructions) . . . . . . . . Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable purposes (see instructions) . Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 . . . . . Schedule B 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2a b c d e 3 4 5 6 7 1 2 3 4 5 6 7 Income Distribution Deduction . . . . . . . 1 2 3 4 5 6 7 . . . . . . 9 10 11 12 13 14 15 1d Adjusted total income (see instructions) . . . . . . . . . . . . . . . . . . . Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . Total net gain from Schedule D (Form 1041), line 19, column (1) (see instructions) . . . . . Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . Capital gains for the tax year included on Schedule A, line 1 (see instructions) . . . . . . Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a positive number Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- . . . . . . If a complex trust, enter accounting income for the tax year as determined under the governing instrument and applicable local law . 8 Income required to be distributed currently . . . . . . . . . . . . . . . . . . Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . Total distributions. Add lines 9 and 10. If greater than line 8, see instructions . . . . . . Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18 Schedule G 1 Charitable Deduction. Do not complete for a simple trust or a pooled income fund. Tax Computation (see instructions) Tax: a Tax on taxable income (see instructions) . . . . . . . b Tax on lump-sum distributions. Attach Form 4972 . . . . c Alternative minimum tax (from Schedule I (Form 1041), line 56) d Total. Add lines 1a through 1c . . . . . . . . . . Foreign tax credit. Attach Form 1116 . . . . . . . . . . . General business credit. Attach Form 3800 . . . . . . . . . Credit for prior year minimum tax. Attach Form 8801 . . . . . Bond credits. Attach Form 8912 . . . . . . . . . . . . Total credits. Add lines 2a through 2d . . . . . . . . . . Subtract line 2e from line 1d. If zero or less, enter -0- . . . . . Net investment income tax from Form 8960, line 21 . . . . . . Form 4255 Form 8611 . Recapture taxes. Check if from: Household employment taxes. Attach Schedule H (Form 1040) . . Total tax. Add lines 3 through 6. Enter here and on page 1, line 23 . . . . . . . . . . . . . . . . . . . 1a 1b 1c . 2a 2b 2c 2d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2e 3 4 5 6 7 Yes No Other Information 1 2 3 4 5 6 7 8 9 Did the estate or trust receive tax-exempt income? If \"Yes,\" attach a computation of the allocation of expenses. Enter the amount of tax-exempt interest income and exempt-interest dividends $ Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any individual by reason of a contract assignment or similar arrangement? . . . . . . . . . . . . . . . At any time during calendar year 2013, did the estate or trust have an interest in or a signature or other authority over a bank, securities, or other financial account in a foreign country? . . . . . . . . . . . . . . See the instructions for exceptions and filing requirements for FinCEN Form 114. If \"Yes,\" enter the name of the foreign country During the tax year, did the estate or trust receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If \"Yes,\" the estate or trust may have to file Form 3520. See instructions . . . . . . . . . Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If \"Yes,\" see the instructions for required attachment . . . . . . . . . . . . . . . . . . . . . . . . . If this is an estate or a complex trust making the section 663(b) election, check here (see instructions) . . To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here (see instructions) . . If the decedent's estate has been open for more than 2 years, attach an explanation for the delay in closing the estate, and check here Are any present or future trust beneficiaries skip persons? See instructions . . . . . . . . . . . . . Form 1041 (2013) Final K-1 Schedule K-1 (Form 1041) Department of the Treasury Internal Revenue Service 2013 Part III Amended K-1 661113 OMB No. 1545-0092 Beneficiary's Share of Current Year Income, Deductions, Credits, and Other Items 12 2a Other information Qualified dividends , 2013, , 20 Beneficiary's Share of Income, Deductions, See back of form and instructions. Credits, etc. 3 Net short-term capital gain 4a Net long-term capital gain 4b 28% rate gain 4c Unrecaptured section 1250 gain 5 Other portfolio and nonbusiness income 6 Ordinary business income 7 Net rental real estate income 8 Other rental income 9 Part I Credits and credit recapture Ordinary dividends 2b Alternative minimum tax adjustment 14 and ending Interest income Final year deductions 13 or tax year beginning 11 1 For calendar year 2013, Directly apportioned deductions Information About the Estate or Trust A Estate's or trust's employer identification number B Estate's or trust's name C D Fiduciary's name, address, city, state, and ZIP code Check if Form 1041-T was filed and enter the date it was filed E Check if this is the final Form 1041 for the estate or trust 10 Part II Estate tax deduction Information About the Beneficiary F Beneficiary's identifying number G Beneficiary's name, address, city, state, and ZIP code H Domestic beneficiary Foreign beneficiary For Paperwork Reduction Act Notice, see the Instructions for Form 1041. For IRS Use Only *See attached statement for additional information. Note. A statement must be attached showing the beneficiary's share of income and directly apportioned deductions from each business, rental real estate, and other rental activity. IRS.gov/form1041 Cat. No. 11380D Schedule K-1 (Form 1041) 2013 Page 2 Schedule K-1 (Form 1041) 2013 This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for beneficiaries who file Form 1040. For detailed reporting and filing information, see the Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 and the instructions for your income tax return. Report on 13. Credits and credit recapture 1. Interest income Form 1040, line 8a 2a. Ordinary dividends Form 1040, line 9a Code 2b. Qualified dividends Form 1040, line 9b A Credit for estimated taxes 3. Net short-term capital gain Schedule D, line 5 B Credit for backup withholding 4a. Net long-term capital gain Schedule D, line 12 C Low-income housing credit 4b. 28% rate gain 28% Rate Gain Worksheet, line 4 (Schedule D Instructions) D Rehabilitation credit and energy credit 4c. Unrecaptured section 1250 gain Unrecaptured Section 1250 Gain Worksheet, line 11 (Schedule D Instructions) F Work opportunity credit 5. Other portfolio and nonbusiness income Schedule E, line 33, column (f) H Biofuel producer credit 6. Ordinary business income Schedule E, line 33, column (d) or (f) J Renewable electricity, refined coal, and Indian coal production credit 7. Net rental real estate income Schedule E, line 33, column (d) or (f) K Empowerment zone and renewal community employment credit 8. Other rental income Schedule E, line 33, column (d) or (f) M Orphan drug credit L Indian employment credit N Credit for employer-provided child care and facilities Code A Depreciation Form 8582 or Schedule E, line 33, column (c) or (e) B Depletion Form 8582 or Schedule E, line 33, column (c) or (e) 10. Estate tax deduction G Credit for small employer health insurance premiums I Credit for increasing research activities 9. Directly apportioned deductions C Amortization E Other qualifying investment credit Form 8582 or Schedule E, line 33, column (c) or (e) O Biodiesel and renewable diesel fuels credit P Nonconventional source fuel credit Q Credit to holders of tax credit bonds R Agricultural chemicals security credit S Energy efficient appliance credit Schedule A, line 28 T Credit for employer differential wage payments U Recapture of credits 11. Final year deductions } Report on Form 1040, line 63 Form 1040, line 62 See the beneficiary's instructions A Excess deductions Schedule A, line 23 B Short-term capital loss carryover Schedule D, line 5 C Long-term capital loss carryover Schedule D, line 12; line 5 of the wksht. for Sch. D, line 18; and line 16 of the wksht. for Sch. D, line 19 A Tax-exempt interest Form 1040, line 8b B Foreign taxes D Net operating loss carryover regular tax Form 1040, line 21 C Qualified production activities income Form 1040, line 47 or Sch. A, line 8 Form 8903, line 7, col. (b) (also see the beneficiary's instructions) E Net operating loss carryover minimum tax Form 6251, line 11 12. Alternative minimum tax (AMT) items A Adjustment for minimum tax purposes B AMT adjustment attributable to qualified dividends C AMT adjustment attributable to net short-term capital gain D AMT adjustment attributable to net long-term capital gain E AMT adjustment attributable to unrecaptured section 1250 gain F AMT adjustment attributable to 28% rate gain G Accelerated depreciation H Depletion I Amortization J Exclusion items 14. Other information D Form W-2 wages } Form 4952, line 4a F Gross farm and fishing income Schedule E, line 42 G Foreign trading gross receipts (IRC 942(a)) See the Instructions for Form 8873 H Adjustment for section 1411 net investment income or deductions Form 8960, line 7 (also see the beneficiary's instructions) I Other information Form 6251, line 15 Form 8903, line 17 E Net investment income See the beneficiary's instructions Note. If you are a beneficiary who does not file a Form 1040, see instructions for the type of income tax return you are filing. See the beneficiary's instructions and the Instructions for Form 6251 2014 Form 8801 Form 1041 Department of the TreasuryInternal Revenue Service U.S. Income Tax Return for Estates and Trusts 2013 OMB No. 1545-0092 Information about Form 1041 and its separate instructions is at www.irs.gov/form1041. For calendar year 2013 or fiscal year beginning , 2013, and ending A Check all that apply: , 20 C Employer identification number Decedent's estate Name of estate or trust (If a grantor type trust, see the instructions.) Simple trust Brown Trust Complex trust Name and title of fiduciary D Date entity created Number, street, and room or suite no. (If a P.O. box, see the instructions.) E Nonexempt charitable and splitinterest trusts, check applicable box(es), see instructions. 11-1111111 Qualified disability trust ESBT (S portion only) April 1, 2008 Grantor type trust Bankruptcy estate-Ch. 7 545 Oak Avenue in Lexington Bankruptcy estate-Ch. 11 City or town, state or province, country, and ZIP or foreign postal code Pooled income fund B Number of Schedules K-1 attached (see instructions) 1 F Check applicable boxes: Income Deductions Tax and Payments . Initial return Final return Amended return Net operating loss carryback Change in fiduciary Change in fiduciary's name Change in fiduciary's address . Trust EIN Other payments: f Form 2439 . . . . ; g Form 4136 . . 1 2a . . . . . 3 4 5 6 7 8 9 10 11 12 13 14 15a 15b 15c 16 . . . . . . . . . . . . . . . . . ; Total Total payments. Add lines 24c through 24e, and 24h . . . . . . . . . . . . . Estimated tax penalty (see instructions) . . . . . . . . . . . . . . . . . . . Tax due. If line 25 is smaller than the total of lines 23 and 26, enter amount owed . . . . . Overpayment. If line 25 is larger than the total of lines 23 and 26, enter amount overpaid . . Amount of line 28 to be: a Credited to 2014 estimated tax ; b Refunded 30,000 50,000 80,000 10,000 10,000 18 19 20 21 22 23 24a 24b 24c 24d 24e 24h 25 26 27 28 29 70,000 0 70,000 35059 35059 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Sign Here . Change in trust's name Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . Total ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . Qualified dividends allocable to: (1) Beneficiaries (2) Estate or trust Business income or (loss). Attach Schedule C or C-EZ (Form 1040) . . . . . . . . Capital gain or (loss). Attach Schedule D (Form 1041) . . . . . . . . . . . . . Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040) Farm income or (loss). Attach Schedule F (Form 1040) . . . . . . . . . . . . . Ordinary gain or (loss). Attach Form 4797 . . . . . . . . . . . . . . . . . Other income. List type and amount Total income. Combine lines 1, 2a, and 3 through 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest. Check if Form 4952 is attached Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fiduciary fees . . . . . . . . . . . . . . . . . . . . . . . . . . Charitable deduction (from Schedule A, line 7) . . . . . . . . . . . . . . . Attorney, accountant, and return preparer fees . . . . . . . . . . . . . . . Other deductions not subject to the 2% floor (attach schedule) . . . . . . . . . . Net operating loss deduction (see instructions) . . . . . . . . . . . . . . . Allowable miscellaneous itemized deductions subject to the 2% floor . . . . . . . . Add lines 10 through 15c . . . . . . . . . . . . . . . . . . . . . . Adjusted total income or (loss). Subtract line 16 from line 9 . . . 17 70,000 Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041) Estate tax deduction including certain generation-skipping taxes (attach computation) . . Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . Add lines 18 through 20 . . . . . . . . . . . . . . . . . . . . . . . Taxable income. Subtract line 21 from line 17. If a loss, see instructions . . . . . . . Total tax (from Schedule G, line 7) . . . . . . . . . . . . . . . . . . . Payments: a 2013 estimated tax payments and amount applied from 2012 return . . . Estimated tax payments allocated to beneficiaries (from Form 1041-T) . . . . . . . Subtract line 24b from line 24a . . . . . . . . . . . . . . . . . . . . Tax paid with Form 7004 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . Federal income tax withheld. If any is from Form(s) 1099, check 25 26 27 28 29 . Described in sec. 4947(a)(2) NC 27292 G Check here if the estate or filing trust made a section 645 election . 1 2a b 3 4 5 6 7 8 9 10 11 12 13 14 15a b c 16 17 18 19 20 21 22 23 24 b c d e Described in sec. 4947(a)(1). Check here if not a private foundation May the IRS discuss this return with the preparer shown below (see instr.)? Yes No Signature of fiduciary or officer representing fiduciary Paid Preparer Use Only Print/Type preparer's name Date Preparer's signature EIN of fiduciary if a financial institution Date Check if self-employed Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11370H PTIN Form 1041 (2013) Page 2 Form 1041 (2013) Schedule A 1 2 3 4 5 6 7 Amounts paid or permanently set aside for charitable purposes from gross income (see instructions) . Tax-exempt income allocable to charitable contributions (see instructions) . . . . . . . . Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable purposes (see instructions) . Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 . . . . . Schedule B 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2a b c d e 3 4 5 6 7 1 2 3 4 5 6 7 Income Distribution Deduction . . . . . . . 1 2 3 4 5 6 7 . . . . . . 9 10 11 12 13 14 15 70,000 0 1d 35059 Adjusted total income (see instructions) . . . . . . . . . . . . . . . . . . . Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . Total net gain from Schedule D (Form 1041), line 19, column (1) (see instructions) . . . . . Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . Capital gains for the tax year included on Schedule A, line 1 (see instructions) . . . . . . Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a positive number Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- . . . . . . If a complex trust, enter accounting income for the tax year as determined under the governing instrument and applicable local law . 8 Income required to be distributed currently . . . . . . . . . . . . . . . . . . Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . Total distributions. Add lines 9 and 10. If greater than line 8, see instructions . . . . . . Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18 Schedule G 1 Charitable Deduction. Do not complete for a simple trust or a pooled income fund. 70,000 70,000 0 0 0 Tax Computation (see instructions) Tax: a Tax on taxable income (see instructions) . . . . . . . b Tax on lump-sum distributions. Attach Form 4972 . . . . c Alternative minimum tax (from Schedule I (Form 1041), line 56) d Total. Add lines 1a through 1c . . . . . . . . . . Foreign tax credit. Attach Form 1116 . . . . . . . . . . . General business credit. Attach Form 3800 . . . . . . . . . Credit for prior year minimum tax. Attach Form 8801 . . . . . Bond credits. Attach Form 8912 . . . . . . . . . . . . Total credits. Add lines 2a through 2d . . . . . . . . . . Subtract line 2e from line 1d. If zero or less, enter -0- . . . . . Net investment income tax from Form 8960, line 21 . . . . . . Form 4255 Form 8611 . Recapture taxes. Check if from: Household employment taxes. Attach Schedule H (Form 1040) . . Total tax. Add lines 3 through 6. Enter here and on page 1, line 23 . . . . . . . . . . . . . . . . . . . 1a 1b 1c . 2a 2b 2c 2d . . . . . . 35059 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2e 3 4 5 6 7 35059 35059 Yes No Other Information 1 2 3 4 5 6 7 8 9 Did the estate or trust receive tax-exempt income? If \"Yes,\" attach a computation of the allocation of expenses. Enter the amount of tax-exempt interest income and exempt-interest dividends $ Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any individual by reason of a contract assignment or similar arrangement? . . . . . . . . . . . . . . . At any time during calendar year 2013, did the estate or trust have an interest in or a signature or other authority over a bank, securities, or other financial account in a foreign country? . . . . . . . . . . . . . . See the instructions for exceptions and filing requirements for FinCEN Form 114. If \"Yes,\" enter the name of the foreign country During the tax year, did the estate or trust receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If \"Yes,\" the estate or trust may have to file Form 3520. See instructions . . . . . . . . . Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If \"Yes,\" see the instructions for required attachment . . . . . . . . . . . . . . . . . . . . . . . . . If this is an estate or a complex trust making the section 663(b) election, check here (see instructions) . . To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here (see instructions) . . If the decedent's estate has been open for more than 2 years, attach an explanation for the delay in closing the estate, and check here Are any present or future trust beneficiaries skip persons? See instructions . . . . . . . . . . . . . Form 1041 (2013) Final K-1 Schedule K-1 (Form 1041) Department of the Treasury Internal Revenue Service 2013 Part III Amended K-1 661113 OMB No. 1545-0092 Beneficiary's Share of Current Year Income, Deductions, Credits, and Other Items 12 2a Ordinary dividends 2b Qualified dividends , 2013, , 20 Beneficiary's Share of Income, Deductions, See back of form and instructions. Credits, etc. Other information 50,000 3 Net short-term capital gain 4a Net long-term capital gain 4b 28% rate gain Unrecaptured section 1250 gain 5 Other portfolio and nonbusiness income 6 Ordinary business income 7 Net rental real estate income 8 Other rental income 9 Directly apportioned deductions Information About the Estate or Trust A Estate's or trust's employer identification number B Estate's or trust's name 11-1111111 Brown Trust C Credits and credit recapture 30,000 4c Part I Alternative minimum tax adjustment 14 and ending Interest income Final year deductions 13 or tax year beginning 11 1 For calendar year 2013, Fiduciary's name, address, city, state, and ZIP code TXB Bank located at 898 Main Street, Lexington, NC 27292 D Check if Form 1041-T was filed and enter the date it was filed " E Check if this is the final Form 1041 for the estate or trust 10 Part II Estate tax deduction Information About the Beneficiary F Beneficiary's identifying number G Beneficiary's name, address, city, state, and ZIP code 123-45-6789 545 Oak Avenue in Lexington, NC 27292 H " Domestic beneficiary Foreign beneficiary For Paperwork Reduction Act Notice, see the Instructions for Form 1041. For IRS Use Only *See attached statement for additional information. Note. A statement must be attached showing the beneficiary's share of income and directly apportioned deductions from each business, rental real estate, and other rental activity. IRS.gov/form1041 Cat. No. 11380D Schedule K-1 (Form 1041) 2013 Page 2 Schedule K-1 (Form 1041) 2013 This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for beneficiaries who file Form 1040. For detailed reporting and filing information, see the Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 and the instructions for your income tax return. Report on 13. Credits and credit recapture 1. Interest income Form 1040, line 8a 2a. Ordinary dividends Form 1040, line 9a Code 2b. Qualified dividends Form 1040, line 9b A Credit for estimated taxes 3. Net short-term capital gain Schedule D, line 5 B Credit for backup withholding 4a. Net long-term capital gain Schedule D, line 12 C Low-income housing credit 4b. 28% rate gain 28% Rate Gain Worksheet, line 4 (Schedule D Instructions) D Rehabilitation credit and energy credit 4c. Unrecaptured section 1250 gain Unrecaptured Section 1250 Gain Worksheet, line 11 (Schedule D Instructions) F Work opportunity credit 5. Other portfolio and nonbusiness income Schedule E, line 33, column (f) H Biofuel producer credit 6. Ordinary business income Schedule E, line 33, column (d) or (f) J Renewable electricity, refined coal, and Indian coal production credit 7. Net rental real estate income Schedule E, line 33, column (d) or (f) K Empowerment zone and renewal community employment credit 8. Other rental income Schedule E, line 33, column (d) or (f) M Orphan drug credit L Indian employment credit N Credit for employer-provided child care and facilities Code A Depreciation Form 8582 or Schedule E, line 33, column (c) or (e) B Depletion Form 8582 or Schedule E, line 33, column (c) or (e) 10. Estate tax deduction G Credit for small employer health insurance premiums I Credit for increasing research activities 9. Directly apportioned deductions C Amortization E Other qualifying investment credit Form 8582 or Schedule E, line 33, column (c) or (e) O Biodiesel and renewable diesel fuels credit P Nonconventional source fuel credit Q Credit to holders of tax credit bonds R Agricultural chemicals security credit S Energy efficient appliance credit Schedule A, line 28 T Credit for employer differential wage payments U Recapture of credits 11. Final year deductions } Report on Form 1040, line 63 Form 1040, line 62 See the beneficiary's instructions A Excess deductions Schedule A, line 23 B Short-term capital loss carryover Schedule D, line 5 C Long-term capital loss carryover Schedule D, line 12; line 5 of the wksht. for Sch. D, line 18; and line 16 of the wksht. for Sch. D, line 19 A Tax-exempt interest Form 1040, line 8b B Foreign taxes D Net operating loss carryover regular tax Form 1040, line 21 C Qualified production activities income Form 1040, line 47 or Sch. A, line 8 Form 8903, line 7, col. (b) (also see the beneficiary's instructions) E Net operating loss carryover minimum tax Form 6251, line 11 12. Alternative minimum tax (AMT) items A Adjustment for minimum tax purposes B AMT adjustment attributable to qualified dividends C AMT adjustment attributable to net short-term capital gain D AMT adjustment attributable to net long-term capital gain E AMT adjustment attributable to unrecaptured section 1250 gain F AMT adjustment attributable to 28% rate gain G Accelerated depreciation H Depletion I Amortization J Exclusion items 14. Other information D Form W-2 wages } Form 4952, line 4a F Gross farm and fishing income Schedule E, line 42 G Foreign trading gross receipts (IRC 942(a)) See the Instructions for Form 8873 H Adjustment for section 1411 net investment income or deductions Form 8960, line 7 (also see the beneficiary's instructions) I Other information Form 6251, line 15 Form 8903, line 17 E Net investment income See the beneficiary's instructions Note. If you are a beneficiary who does not file a Form 1040, see instructions for the type of income tax return you are filing. See the beneficiary's instructions and the Instructions for Form 6251 2014 Form 8801
