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2021 1041-es address Form: What You Should Know

Data is a New Hampshire nonresident trust (N.H. Rev. Stat. § 829(2) (2018)). Estates of natural persons other than beneficiaries are excluded from the definition of “estate” by subsection (1) of section 201 and sections 2022 and 2029. The estate and beneficiaries of the Estate of Lula B Data are the following: Pursuant to N.H. Rev. Stat. § 830-A:2-5, the amount of the estate or trust is “not included in the estate for federal estate or gift tax purposes” unless the estate or trust is a beneficiary of a life estate trust, a beneficiary of an inter vivos trust, a beneficiary of a joint venture estate trust, a beneficiary of a trust for one or more partners for the benefit of a partner with limited liability, beneficiary of a qualified domestic relations estate (QDR), a beneficiary of a revocable trust, or a beneficiary of an estate of an unborn child. (emphasis added). Note the word “dependent” in the original tax form, which is part of the filing instructions. This means the estate of Lula B Data is dependent on the deceased's estate, and therefore it is taxable under Section 2034. The deceased was a shareholder of Lula B Data. The estate paid Lula B Data a lump sum of 750,000 in exchange for its 20% ownership interest (the 20% was the amount of money the two shared in the transaction). Lula B Data used the money to purchase a new car (based on the 750,000, the car would normally have a market value of 1,650,000). The deceased was not entitled to receive any income based on the sale of the car. Under N.H. Rev. Stat. § 829A:2-5, “taxable income is any income from property or income derived from any source other than property” and “gross income is taxable income” [N.H. Rev. Stat. § 829A (2018).]. Therefore, the deceased received no income from the sale of the Lula B Data vehicle. As stated above, a creditor is not required to return a payment of income tax as a loan that was “abruptly terminated,” if the creditor and the debtor cannot agree to the terms of the payment.

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