Reporting Asset Reversion

[Guest ak]

When there is a reversion of surplus assets to a noncorporate entity, does the reversion have to be reported by the distributing entity, e.g., trustee, to the IRS, e.g., on a form 1099, or is the only reporting that applies the Form 5330 and Form 5500 reporting?

[JanetM]

Have done a couple of these and have only used 5500 and 5300 to report the amounts. The Trustee never reported the amount in any form.