When a taxpayer owns shares in a mutual fund company, the taxpayer may receive a Form ____from the mutual fund company, showing that the taxpayer received some capital gains distributions from the mutual fund company.
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- Which constitutes a taxable item of gross income? * Compensation for personal injuries O Gain from sale of shares in mutual fund: O Gain from sale of government bonds O Income exempt under treatyA corporate taxpayer has the following financial items: Questions: 1. How much is the deductible interest expense? 2. How much is the deductible charitable contributions?Which of the following items can be included in the definition of investment income for purposes of computing the allowed investment interest deduction only if the trust makes a special election? OA. Qualified dividends B. Interest on corporate bonds C. Farm income D. Income from a working interest in oil and gas where the taxpayer does not materially participate in the activity
- If insurance proceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were subject to the estate tax: Select one: a. the IRS can follow (and attempt to collect) the life insurance proceeds as far as it can trace them b. the IRS may only collect the amount owed from the executor of the estate. c. the IRS may only collect the amount owed from the executor of the estate and any beneficiaries who received payment. d. the insurer may be liable for the tax owed.Which of the following is an “above-the-line” deduction? (A) State and local taxes (B) Mortgage interest (C) Charitable contributions if a taxpayer takes the standard deduction. (D) Gambling lossesA taxpayer may defer a taxable 2020 capital gain by investing the gain amount into which of the following? A Qualified Opportunity Fund. A new stock purchase. A Virtual Currency account. An Overseas Account.
- Which is subject to donor's tax?* Merger of usufruct in the owner of the naked title. Delivery of property by the trustee to the beneficiary Cancellation of indebtedness of a debtor out of gratuity support payment to childrenComment on the following items relative to tax planning strategies of a fiduciary entity. To reduce taxes for a typical family, should income be shifted to a trust or from a trust? Why? To reduce overall taxes, should a high-income, wealthy beneficiary be assigned to the first or second tier of trust distributions? Why?Comment on the following items relative to tax planning strategies of a fiduciary entity. A. To reduce taxes for a typical family, should income be shifted to a trust or from a trust? Why? B. To reduce overall taxes, should a high-income, wealthy beneficiary be assigned to the first or second tier of trust distributions? Why?
- Which of the following are correct statements about the nontax characteristics of a charitable lead trust? The income stream must be paid for the lifetime of the beneficiary. The grantor of the trust receives a charitable income tax deduction in the year the trust is funded. The trust must distribute the remainder interest in the corpus to a noncharitable beneficiary. The trust must distribute the remainder interest in the corpus to a charitable beneficiary. A) I and IV B) I and II C) II and III D) II and IVThe following expenses are non-deductible, except: * Premiums paid for life insurance of an officer where the taxpayer-business is the beneficiary Expenses of non-profit organizations from their exempt operations. Expenses of enterprises registered with PEZA which enjoys special tax privilege Premiums paid for the life insurance of an officer where the beneficiary is the officer himself or his heirs.There are many tax rules and regulations you should be aware of when investing-whether it be in stocks; bonds; mutual funds; real estate; or collectibles such as artwork, antiques, gems, memorabilia, stamps, and coins. Capital gains are proceeds derived from these types of investments. Unless they are specified as being tax-free, such as municipal bonds, you must pay capital gains taxes on these proceeds. Capital gains are taxed in one of two ways. If the investment is held for one year or less, this is considered short-term and is taxed as ordinary income at your regular income tax rate. As this is written, if the investment is held for more than one year, it is considered long-term and qualifies for various tax discounts, as follows for single taxpayers with earnings as shown below. Stocks Held Capital Gains Rates Up to $38,700 $38,700–$426,700 Over $426,700 Over 1 year(long-term) 0% 15% 20% (a) If you are in the 26% tax bracket for ordinary income and have a 15% capital…