Land Trusts and Taxes

[Mel K.]

Hello BP!

For those of you who hold property in a Land Trust, how exactly is income reported and subsequently taxed?  If it is a rental property producing rental income, would the Trustee and Beneficiary receive K-1s? Say the Trustee manages the property and collects a fee for those services.  The Beneficiary gets the net income after expenses are deducted. Or does the Trustee file a 1099 form and provide that to the Beneficiary as they are providing a service? 

Are there any accountants on BP familiar with taxation and Land Trusts? Thanks in advance!