Is it acceptable to record some receipts on Form 2 without a corresponding Form 1 reference number?
Yes. There are certain circumstances when deposits are recorded without a reference number. Escrow deposits are one example. Deposits to the wrong estate and bond premium refunds are other examples. 74) If some deposits are recorded on Form 2 and not on Form 1, then the total of Column 5 (Sales/Funds Received by the Estate) on Form 1 will not match the total of Column 5 (Deposits) on Form 2. Aren’t these two totals supposed to match? No. The two totals will not match for a variety of reasons. Some are mentioned above. Another reason is the method for recording real estate sales. The gross sale proceeds are recorded in Column 5 on Form 1, while the net proceeds are recorded in Column 5 on Form 2. 75) Which total should be used to calculate a trustee’s maximum allowable compensation: Form 1, Column 5 or Form 2, Column 5? Neither. While either total can be used as a starting point for calculating a trustee’s maximum allowable compensation, adjustments will almost always be necessary to ar
