In the year in which an estate terminates,its beneficiaries receive and can use as their own any unexpired NOL carryforwards,proportionate to the value of the corpus assets that they received.

Question

Quizplus · Accepted Answer

This statement is true. When an estate terminates, any remaining NOL carryforwards can be distributed proportionately among the beneficiaries based on the value of the assets they receive. The beneficiaries can then use these NOL carryforwards to offset their own future income.

In the Year in Which an Estate Terminates,its Beneficiaries Receive