An Alaska Native Settlement Trust (ANST) may elect under Internal Revenue Code section 646 to have the special income tax treatment of that section apply to the trust and its beneficiaries. This one-time election is made by filing Form 1041-N and the form is used by the ANST to report its income, deductions, gains, losses, etc., and to compute and pay any income tax. Form 1041-N is also used for the special information reporting requirements that apply to ANSTs.
Other Items You May Find Useful
Publication 17, Your Federal Income Tax
Publication 538, Accounting Periods and Methods
Publication 544, Sales and Other Dispositions of Assets
Publication 550, Investment Income and Expenses
Publication 551, Basis of Assets
Publication 947, Practice Before the IRS and Power of Attorney
Comment on Form 1041-N
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