drop down values are

a. calendar year ending December 31 / fiscal year ending July 31 / fiscal year ending May 31

b. May 6 - May 31 / May 6 - July 31 / May 6 - December 31

Tax Drill - Tax Planning and the Estate Tax Year For several years Theresa had entered into annual deferred compensation agreements with her employer. These agreements collectively called for the payment of $325,000 three months after Theresa's retirement or death. Theresa dies on May 6 of the current year. To provide a maximum 12-month period within which to generate deductions to offset this large item of income in respect of a decedent, the executor or administrator of the estate should elect a The election is made simply by filing the estate's first tax return for the short period of