carry over of deceased tax payer

[Bjorn]

My wonderful Ultra Tax gave me the following items to carry forward. Since the taxpayer is deceased is there a way to claim them on the final tax return.

Nonrecaptured Section 1231 losses line 8 4797 $327.00
There is also an AMT amount for these.

There is a general business credit generated in 2005 to carry over to 2006 of $663.00.

Do I have any options?

Mahalo.

Bjorn

[Unregistered]

Carryover of Deceased Taxpayer

Which year was the carryover loss created, and when did the taxpayer die?

[Bjorn]

Created in 2003
Cied early in 2006 with zero income in 2006 but substantial income in 2005.

[OldJack]

The Nonrecaptured Section 1231 losses line 8 4797 $327.00 and AMT amount is not a deduction item, rather it is an item to recapture any later business capital gains as ordinary income. This is something that drops with the final tax return.

The general business credit will simply be lost if not usable on the final return.

You have no options except whatever takes place on the final individual 1040 or 1041 tax return.