My client's father had some investment in now-defunct Farmland Industries. Father has since passed away and the interest is now in Client's name. She brought in a "2009 Beneficiary Tax Statement for Beneficiaries of the F.I. Liquidating Trust-Class 5 or 7 (Class 8 Interest)"
It looks similar to a K-1, with some interest income:$36, LT Cap. Loss: $774, Passive Income from Partnership: $19, Other Income: $349, and 2009 Liquidating Trust Admin Expenses: $593. Cash Distribution of $592.
This is beyond my knowledge - should each item be shown on the appropriate form, such as Sch. B or D?
Thank you for any insights!
Linda
It looks similar to a K-1, with some interest income:$36, LT Cap. Loss: $774, Passive Income from Partnership: $19, Other Income: $349, and 2009 Liquidating Trust Admin Expenses: $593. Cash Distribution of $592.
This is beyond my knowledge - should each item be shown on the appropriate form, such as Sch. B or D?
Thank you for any insights!
Linda
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