Taxpayer established a revocable trust in 2001 and funded with all of his assets. He died in April 2011. Estate was closed in august 2012.
What is the latest date to file section 645 election? If none is filed or if it is filed late, is it necessary to file a trust return for 2011 and 2o12? If trust has net income, and no distributions were made, trust must pay tax?
Attorney applied for estate tax id #. Since no income was earned by estate, I assume no 1041 is filed for the estate since no probate assets exists.
Finally, since all admin expenses were paid by trust, are they deductible on trust return if no
645 election was made or timely made?Need advice.