Skip to content
BOL Conferences

Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance Regulation B Small Business Loan Reporting (section 1071) Estates – exclude or include from 1071 reporting
Thread Options
#2301288 - 09/05/24 02:52 PM Estates – exclude or include from 1071 reporting
DixieLee Offline
Junior Member
Joined: Mar 2007
Posts: 44
Should we exclude all estate loan applications from 1071 reporting? I don't think an estate is intended to be "for-Profit", it is intended to pay off a deceased person's debt.....is this a correct assumption?

An estate is a legal entity for federal tax purposes and created as result of a person’s death. It’s the economic valuation of a deceased person’s assets, investments, and interests. An estate includes a person’s belongings, real estate, investments, collectibles, and furnishings. An estate is intended to be temporary, while a trust is intended to be semi-permanent.

Return to Top
#2301295 - 09/05/24 03:47 PM Re: Estates – exclude or include from 1071 reporting DixieLee
Scott Chicoine Offline
100 Club
Joined: Jun 2022
Posts: 137
How often do you get an estate borrowing money?

Return to Top
#2301798 - 09/19/24 01:12 PM Re: Estates – exclude or include from 1071 reporting Scott Chicoine
Grapesoda, CRCM Offline
New Poster
Joined: Apr 2015
Posts: 24
Originally Posted by Scott Chicoine
How often do you get an estate borrowing money?

I am not sure that the answer to this question has any impact on the answer.

Return to Top
#2301802 - 09/19/24 01:51 PM Re: Estates – exclude or include from 1071 reporting DixieLee
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,245
Galveston, TX
An estate is not a small business - follow the definitions found in 1002.106.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top