income of the trust to beneficiaries is considered as a. Taxable b. Allowable
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- 5. Income received by the estate during the period of administration or settlement of the estate, for tax purposes is known as: Income of the state Income of the testator Income of the trustee Income of the heirsExplain and what is the calculation of the following. Total Assessable income Deductions Total taxable IncomeWhich of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.
- Which of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...Which of the following is a characteristic of a fixed trust? Select one:The trustee usually has discretion as to the timing of the distribution.Beneficiaries can compel payment of amounts to which they are presently entitled.All of the above are characteristics of fixed trusts.If the trustee has determined to distribute income to a beneficiary, actual receipt of that income is not required for it to be assessable for income tax purposes.None of theseDetermine the taxable net income.
- Which statement is not correct? a. Related-party income is taxable b. Related-party losses are non-deductible c. Grantor and fiduciary of a trust are related parties d. None of the aboveHow do taxpayers determine whether they should deduct their itemized deductions or utilize the standard deduction? Under what circumstances would you expect the after-tax return from an investment in a capital asset to approach that of tax-exempt assets (assuming equal before-tax rates of return)?Explain and account for the distinction between principal and income in the context of estate and trust accounting.
