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Computational Template for Applying Five - Step Procedure Form 1 0 4 1 Prepare the 2 0 2 2 fiduciary income tax return ( Form
Computational Template for Applying FiveStep Procedure Form Prepare the fiduciary income tax return Form for the Blue Trust. If required, use the minus sign to indicate a loss.Form Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer other than taxpayer is based on allNote: This problem is for the tax year. Prepare the fiduciary income tax return Form for the Blue Trust. Complete the computational template for applying the fivestep procedure and Form for the entity. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the year, and prepare a Schedule K for Betty Blue. Omit all alternative minimum tax computations. The year's activities of the trust include the following. The trust and Betty both use the calendar tax year. Under the terms of the trust instrument, administrative fees are allocated to income. The trustee must distribute all of the entity's accounting income to Betty Blue by February of the following year. The trustee followed this charge and made no other distributions during the year. Administrative fees were assigned properly as an offset to taxable interest income. The trust was created on July There are no tax credits for the year, and none of the entity's income was derived from a personal services contract. Blue has no economic interest in any foreign trust, and it is not subject to the AMT. Its Federal identification number is The trustee, Hoover State Federal Bank, is located at Cold Harbor Boulevard, Mountain Brook, AL Betty lives at Crestline Road, Birmingham, AL Her Social Security number is Note: If an amount box does not require an entry or the answer is zero, enter Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data.
Computational Template for Applying FiveStep Procedure Form
Prepare the fiduciary income tax return Form for the Blue Trust.
If required, use the minus sign to indicate a loss.Form
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to
the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer other than taxpayer is based on allNote: This problem is for the tax year.
Prepare the fiduciary income tax return Form for the Blue Trust. Complete the computational template for applying the fivestep
procedure and Form for the entity. In addition, determine the amount and character of the income and expense items that each
beneficiary must report for the year, and prepare a Schedule K for Betty Blue. Omit all alternative minimum tax computations. The year's
activities of the trust include the following.
The trust and Betty both use the calendar tax year. Under the terms of the trust instrument, administrative fees are allocated to income. The
trustee must distribute all of the entity's accounting income to Betty Blue by February of the following year. The trustee followed this
charge and made no other distributions during the year. Administrative fees were assigned properly as an offset to taxable interest income.
The trust was created on July There are no tax credits for the year, and none of the entity's income was derived from a personal
services contract. Blue has no economic interest in any foreign trust, and it is not subject to the AMT. Its Federal identification number is
The trustee, Hoover State Federal Bank, is located at Cold Harbor Boulevard, Mountain Brook, AL Betty lives at Crestline
Road, Birmingham, AL Her Social Security number is
Note:
If an amount box does not require an entry or the answer is zero, enter
Enter all amounts as positive numbers, unless otherwise instructed.
If required, round amounts to the nearest dollar.
Make realistic assumptions about any missing data.
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