I have a question re the capital loss limitation on Form 1041, Schedule D (I think it's the same as Form 1040, Schedule D). For 2009, a trust has $1K of income and $7K of net capital loss. Line 16 says: "Capital Loss Limitation: Enter here and as a (loss) on Form 1041, line 4, the smaller of the loss on line 15 or $3000".
If I do that, the trust ends up with negative total income, so owes no tax, and also gets a capital loss carryover of $7K - $3K = $4K. This is the final year of the trust, so the capital loss carryover can be passed on to the beneficiary. Note that because the currently applied loss ($3K) exceeds the other income, in a sense I've "wasted" $2K of it that could otherwise be carried over.
Instead, can I enter only $1K of capital loss on line 16 to be applied against the other trust income, and use the remaining $6K in the Capital Loss Carryover Worksheet, which will end up being passed to the beneficiary?