Another question to the previous problem - thanks for your response.
In the current year, the Mixon Family Trust had the following income and expense items:
Rental income 104,000, dividends from equity stocks 15,890, tax exempt interest income 23,400, long term capital gains from stocks 43,100 rental operating expenses 33,443 and trustee fees 12,000. Under the trust agreement - all capital gains and 50% of trustee fees are allocated to the principal account. The trustee has to maintain reserve for depreciation equal to tax depreciation deduction for current year of $9,650. The trustee must distribute 20,000 of trust income annually to Janey Mixon and has the discretion to distribute additional amounts of income or corpus to Janey, Jonathan, or Mark Mixon. During the year, the trustee distributed 30,000 to each of the three named beneficiaries.
Calculate amount and character of income distributed to each trust beneficiary for the current year.
Another question to the previous problem - thanks for your response. In the current year, the...
In the current year, the Mixon Family Trust had the following income and expense items: Rental income 104,000, dividends from equity stocks 15,890, tax exempt interest income 23,400, long term capital gains from stocks 43,100 rental operating expenses 33,443 and trustee fees 12,000. Under the trust agreement - all capital gains and 50% of trustee fees are allocated to the principal account. The trustee has to maintain reserve for depreciation equal to tax depreciation deduction for current year of $9,650....
In the current year, the Mixon Family Trust had the following income and expense items: Rental income 104,000, dividends from equity stocks 15,890, tax exempt interest income 23,400, long term capital gains from stocks 43,100 rental operating expenses 33,443 and trustee fees 12,000. Under the trust agreement - all capital gains and 50% of trustee fees are allocated to the principal account. The trustee has to maintain reserve for depreciation equal to tax depreciation deduction for current year of $9,650....
Problem 3-37(10. 1,3) Jonathan owns 100% of Lemon Company a calendar year entity. In the current year, como recognizes a long-term capital gain of 570,000 and no other income for loss), Jonathan is in the 37% tax bracket (and 20% tax bracket for any net capital gains or dividends) and has no recognized capital gains (or losses) before considering his owners Interest in Lemon Company What is the income tax result from the $70,000 i Lumon is fal an LLC...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and Capital Asset Market Value Tax Basis Holding Period 1 year > 1 year < 1 year < 1 year 1 year > 1 year $43,100 41,100 L stock M stock 54,200 32,200 34,200 30,200 11,200 N stock 24,100 35,100 o stochk Antiques 6,100 92,100 Rental home 304,200* $30,000 of the gain is 25 percent gain (from accumulated depreciation on the...
QUESTION 2 (30 marks) Ellesmere Limited entered into the following transactions during the year ended 31 December 20X3 (1) Entered into a speculative interest rate option costing N$ 10 000 on 1 January 20X3 to borrow N$ 6 000 000 from AB Bank commencing 31 March 20X5 for 6 months at 4%. The value of the option was N$ 15 250 (2) Purchased 6% debentures in FG Limited on 1 January 20X3 (their issue date for N$ 150 000 as...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...