1041-US: Tax calculation display for an electing small business trust (FAQ)

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Question

Where is the tax calculation displayed for an electing small business trust (ESBT)?

Answer

Per the Form 1041 instructions, UltraTax/1041 displays ‘Section 641(c)’ to the left of Form 1041, Page 2, Schedule G, line 7, prints the tax on a separate field, and includes the tax amount in line 7. The tax rate schedule is not used to figure the tax. The highest income bracket is used to figure the tax on non-gain S corporation portion taxable income. 

Related topic: 1041-US: Electing small business trusts FAQs

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