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If a trust elected to treat distributions made in the first 65 days of 2006 as paid in 2005, is the beneficiary supposed to report that on his 2005 personal return, even though he didn't receive it in 2005?
Yes. The trust is electing to take a 2005 income distribution deduction in 2005 by reporting it on a 2005 K-1. So the beneficiary receives a 2005 K-1 and must report the income on a 2005 return.
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