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Reporting of payments of bequeathed royalties
January 26, 2023
Q. A donor bequeathed us (and two other organizations) the mineral rights on certain property as a part of his trust. We receive income from the company operating on this land. The income received is applied based on the donor's wishes. We are receiving the full royalty and passing 20% to each of the other organizations, a non-profit and an LLC Partnership. When we pay the other two organizations their 20% share, what is our reporting responsibility?
A.
(Answered by IOFM's third-party tax…
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