Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the 2 0 2 1 / 2 2 tax year, Porter Chrystan created the Blind Trust, an inter vivos trust to provide services to
During the tax year, Porter Chrystan created the Blind Trust, an inter vivos trust to provide services to his psychiatry practice. The net income of the trust for the tax year was $
The trust is to be distributed as follows:
Josh aged
Marise aged
Scott aged
Barnaby aged
The balance is to be accumulated and applied at the trustee's discretion for the beneficiaries. There were two discretionary distributions made: $ was paid towards Barnaby's education. $ was paid to Ford Credit to pay off a debt incurred by Scott who is currently under medical supervision as he has been pronounced insane. Barnaby worked at Hillbilly Pizza for hours per week and derived gross wages of $PAYG tax withheld $ during the year. He also received income of $ from a deceased estate including franking credits of $ Prepare a schedule covering all beneficiaries nominating: Name of the BENEFICIARY Whether or not the beneficiary is PRESENTLY ENTITLED Whether or not the beneficiary is under a LEGAL DISABILITY Which SECTIONS of the Act apply to make the income assessable WHO IS ASSESSED on each amount. The AMOUNT retained or distributed. Calculate tax payable by the trustee
Calculate tax payable by Barnaby
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started