Mark for follow upQuestion 57 of 75.The Henry Addison Living Trust is a nongrantor trust with a single beneficiary, Alicia. This year, the trust had distributiveincome (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$3,856Mark for follow up?nid=6d4c77ee-d986-42b2-b639-13fe1e66d5b5&evalLvl=5&redirect_url=%2fph

To determine how much of Alicia's distribution will be treated as tax-exempt interest, we need to…

Answered: Question 57 of 75. The Henry Addison…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 6BCRQ

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This year, the Huang Trust is a complex trust. This year, it distributed all of its accounting income and $5,000 from corpus, to its sole income beneficiary Kun. Huang's taxable income for the year is: a.$0. b.($300). c.($100). d.($5,000)
In 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two trusts earned net income as follows: Trust 1: P4,000,000 Trust 2: P6,000,000 How much is the income tax due of Trust 1? Nil P1,244,000 P1,266,000 P1,263,440
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