What is the fiduciary’s share or beneficiary’s share of income?
The fiduciary’s share of an item of income (including any allowable deduction) is the amount required to be taken into account in computing fiduciary taxable income for federal income tax purposes for the tax year and is not paid, credited, or required to be distributed to the beneficiaries of the trust or estate for that year. The fiduciary’s share of each of the addition and subtraction items required under the Montana Code Annotated (MCA) is the part of each item that relates and is attributable to the fiduciary’s share of the items of income and deduction. The beneficiary’s share of each of the items is the amount that was properly paid, credited, or required to be distributed to the beneficiary for the tax year. The items of income and deduction and the additions and subtractions that are deemed to have been paid, credited, or distributed must be taken into account by the beneficiaries in proportion to their respective shares of the distributable net income.
