42.30.203    PRE-NEED FUNERAL TRUSTS – ELECTION TO FILE COMPOSITE RETURN

(1) A pre-need funeral trust must file a Montana income tax return under the trust name used for filing the federal income tax return. If the fiduciary of a pre-need funeral trust is the fiduciary of more than one pre-need funeral trust and if the fiduciary elects to file a federal composite return for more than one pre-need funeral trust, the fiduciary can also elect to file a Montana composite return for the same pre-need funeral trusts as included in the federal composite return.

(2) The Montana composite return as referred to in (1) is completed on the Montana Income Tax Return for Estates and Trusts (Form FID-3) and must include a schedule reporting the following information for each separate pre-need funeral trust:

(a) the name of the owner or the beneficiary of each pre-need funeral trust;

(b) the type and gross amount of income earned by each pre-need funeral trust during the taxable year;

(c) the type and amount of each deduction and credit allocable to each pre-need funeral trust;

(d) the tax and payments made for each pre-need funeral trust; and

(e) the termination date of each pre-need funeral trust if it was terminated during the year.

(3) The Montana composite return referred to in (1) is subject to the filing requirements of ARM 42.30.102.

History: 15-1-201, 15-30-2104, 15-30-2620, MCA; IMP, 15-30-2104, 15-30-2151, 15-30-2152, 15-30-2153, 15-30-2603, MCA; NEW, 2016 MAR p. 22, Eff. 1/9/16.