Estates and trusts must file tax returns. Instead of Form 1040, estates and trusts file Form 1041, U.S. Income Tax Return for Estates and Trusts. Which schedule should be provided to each beneficiary?

Schedule E (Form 1040).

Schedule K-1 (Form 1041).

Schedule K-1 (Form 1065).

Schedule K-1 (Form 1120-S).

Steve is a registered member of a federally recognized American Indian tribe and lives on a reservation. This year, he earned $20,222 in wage income from work done on reservation land. He also earned $15,500 from work done off of reservation land in the state of Arizona. How much of Steve's income is taxable by Arizona?

$0

$15,500

$35,722

Nova is retired from a long career working for a company in New Jersey. This year, she decided to permanently move from New Jersey to Texas. The move was completed on April 9th. Nova received $25,600 in retirement income prior to her move. She received an additional $50,100 after moving. How much of Nova's retirement income is taxable on her New Jersey part-year resident return?

$0

$25,600

$75,700

Cole and Monica live in a community property state. They got married this year on June 15th. They received all of the following items of income during the year. Which is community income?

Monica earned $20,000 in wages from January 1st through May 31st.

Monica inherited $10,000 from her uncle on August 5th.

Cole earned $55,000 in self-employment income from July 1st through December 31st.

Cole's brother gave him a gift of $25,000 on March 3rd.