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1120 vs1041

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    #1

    1120 vs1041

    Realty Trust has been filing 1120. Is selling the property. The trust has a trustee and beneficiarys. Should the trust be filing 1041 and if so do they file SS4 for EIN and final out the 1120.
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    #2
    Is it a QSST? (TTB 19-3) if so, it could be correct.

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      #3
      1120 vs 1041

      Thank you foir the reply. They have been filing 1120(C Corp) & have losses the past 5 years. Does not qualify as a QSST (three beneficiaries). It looks like they would subject to the taxation of a corporation and any profit after tax would go to the shareholders(beneficiaries) as dividends. Am I correct in assuming the 1041 does not play in this situation.

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