Rental income.... Interest income. Dividend income $9,000 6,000 5,000

The Smith Family Trust earns $60,000 in eligible dividends during 2020. It allocates $20,000 of income to its beneficiary, Sam Smith Jr. What is the type of income that Sam Smith Jr. will report on his tax returns? Answer options: An eligible dividend Trust income A return of capital Capital gains

In 2020-21, Ahmed has capital gains of £130,000 and allowable losses of £24,000. Ha also has capital losses brought forward of £3,700. 17.9 Ahmed's taxable income for 2020-21 (after deduction of the personal allowance) i £22,500. He makes Gift Aid donations of £8,000 during the year. Compute his CGT liability for the year assuming that his gains of £130,000 comprise either: (a) a gain of £120,000 which qualifies for business asset disposal relief (BADR) and non-BADR gain of £10,000 on the disposal of chattels, or (b) a BADR gain of £10,000 and a non-BADR gain of £120,000 arising on the disposa of residential property, or (c) a BADR gain of £7,500, a non-BADR gain of £70,000 on the disposal of residentian property and a non-BADR gain of £52,500 on the disposal of shares.

Only typing answer Please explain step by step

Mark for follow up Question 57 of 75. The Henry Addison Living Trust is a nongrantor trust with a single beneficiary, Alicia. This year, the trust had distributive income (DNI) of $13,000. After the allocation of deductions, this total includes the following amounts: Net rental income: $10,000. ● Tax-exempt interest: $3,000. Alicia's 2022 distribution was $5,000. How much of Alicia's distribution will be treated as tax-exempt interest? $1,154 $1,500 $3,000 $3,856 Mark for follow up ?nid=6d4c77ee-d986-42b2-b639-13fe1e66d5b5&evalLvl=5&redirect_url=%2fph

Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances:  Calvin's AGI is $119,000.

In 2016, Orville made a taxable gift of $32,000 to his brother Wilber. In 2020 Orville died and his entire estate passed passed to his son Ken. Which of the following may increased as a result of Orville's 2016 gift ? Estate tax paid by Orville's estate. Gift tax paid by Ken Gift tax paid by Wilber Income tax paid on Orville's final return

An estate has the following income: Rental income . . . . . . . . . . . .  . $5,000Interest income . .. . . . . . . . . . . . 3,000Dividend income . . . . . . . . . . . . . 1,000 The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decedent’s will. What is the taxable income of the estate? Choose the correct.a. $4,400b. $5,000c. $8,000d. $8,400

The estate of Nancy Hanks reports the following information: What is the taxable estate value? $7,070,000. $7,100,000. $7,180,000. $7,420,000.

Stephen transferred $19,125 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday. What is the amount, if any, of the taxable gift? Answer is complete but not entirely correct. Amount of taxable gift $ 4,1250