A Section 645 election allows a qualified revocable trust to be treated as part of a decedent's estate for federal income tax purposes. Learn when Form 8855 can simplify Form 1041 filing, permit a fiscal year, and provide access to selected estate income tax rules.

Received money or property from a trust? Learn when beneficiaries owe tax, when principal is generally nontaxable, and how Schedule K1 controls the reporting.