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Question Help PC:14-32 (similar to) A simple trust as the following receipts and expenditures for 2020. The trust instrument is sent with respect to capital gains, and state law concerning trust accounting income follows the Uniform Act. Assume the trustee's fee is charged equally to income and to principal (Click the icon to view the monipts and expenditures) (Click the onio view the emption amounts for trust (Click the icon to view the tax rate schedule to trust) (Click the icon to view the tax rates on capital gains and not investment.com for estates and trusts) Read the requirements Requirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final swers to the nearest whole dollar) 7 Taxable income imilar to) he following receipts and expenditures for 2020. The trust with respect to capital gains, and state law concerning trust follows the Uniform Act. Assume the trustee's fee is charged nd to principal to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon to view the tax rates on capital gains and net invest for estates and trusts.) Read the requirements mat is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest 7 Requirements a. What is the trust's taxable income under the formula approach? b. What is the trust's tax liability? Print Done PC:14 A simple trust as the following receipts and expenditures for 2020. The trust instrument is silent with respect to capital gains, and state law concoming trust accounting income follows the Uniform Act. Assume the trustee's fee is charged equally to income and to principal Click the icon to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon fo view the tax rates on capital gains and not investment incon for estates and trusts.) Read the requirements Requirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest whole dollar) Minus Reference 1 Taxable income Data Tablo 5 Corporate bond interest Tax-exempt interest Long-term capital gain Trustee's fue Distribution to beneficiary 44,200 7.800 3.000 1,000 51 500 Trust Classification Rules and the size of the Exemption Exemption Situation Classification Amount Required to pay out all of its income, makes no charitable contributions, distributes no principal Simple 300 Required to pay out all of its income, makes no charitable contributions, distributes principal Complex $ 300 Required to pay out all of its income, authorized to make charitable contributions, distributes no principal Complex $ 300 Authorized to make discretionary distributions of income, but not principal, makes no charitable / contributions Complex 5 Authorized to make discretionary distributions of both income and principal, makes no charitable contributions Complex 100 100 Print Done Print Done mta. What is the trust's taxable income under the formula approach? (Round interim currency calculations and you to come Reference ESTATES AND TRUSTS. If taxable income is: The tax is: Not over $2,600 J0% of taxable income. Over $2,600 but not over $9,450 $260.00. plus 24% of the excess over $2,600. $1,904.00, plus $12.950% of the excess over Over $9.450 but not over $12,950 $9.450 Over $12,950 5455, 154,00, plus 37% of the excess over $12,950 --- Print Done Question Help 14-32 (similar to) mple trust has the following receipts and expenditures for 2020. The trust ument is silent with respect to capital gains, and state low concerning trust unting income follows the Uniform Act. Assume the trustee's fee is charged aly to income and to principal (Click the icon to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon to view the tax rates on capital gains and not investment for estates and trusts.) Read the requirements uirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest w ar.) Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec, 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household Estates & Trusts 0% Up to $40,000 Up to $80,000 Up to $53,600 Up to $2,650 > $40.000 but not over > $80.000 but not over > $53.600 but not over > $2,650 but not over 15% $441,450 $496,600 $469,050 $13,150 20% Over $441,450 Over $496,600 Over $469,050 Over $13,150 Note: The net investment income of higher income taxpayers (modified AGI greater than $200,000 for single and $250,000 for married filing jointly) also may be subject to an additional tax of 3.8%. Net investment income includes dividends and capital gains. along with other types of investment income. Print Done Question Help PC:14-32 (similar to) A simple trust as the following receipts and expenditures for 2020. The trust instrument is sent with respect to capital gains, and state law concerning trust accounting income follows the Uniform Act. Assume the trustee's fee is charged equally to income and to principal (Click the icon to view the monipts and expenditures) (Click the onio view the emption amounts for trust (Click the icon to view the tax rate schedule to trust) (Click the icon to view the tax rates on capital gains and not investment.com for estates and trusts) Read the requirements Requirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final swers to the nearest whole dollar) 7 Taxable income imilar to) he following receipts and expenditures for 2020. The trust with respect to capital gains, and state law concerning trust follows the Uniform Act. Assume the trustee's fee is charged nd to principal to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon to view the tax rates on capital gains and net invest for estates and trusts.) Read the requirements mat is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest 7 Requirements a. What is the trust's taxable income under the formula approach? b. What is the trust's tax liability? Print Done PC:14 A simple trust as the following receipts and expenditures for 2020. The trust instrument is silent with respect to capital gains, and state law concoming trust accounting income follows the Uniform Act. Assume the trustee's fee is charged equally to income and to principal Click the icon to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon fo view the tax rates on capital gains and not investment incon for estates and trusts.) Read the requirements Requirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest whole dollar) Minus Reference 1 Taxable income Data Tablo 5 Corporate bond interest Tax-exempt interest Long-term capital gain Trustee's fue Distribution to beneficiary 44,200 7.800 3.000 1,000 51 500 Trust Classification Rules and the size of the Exemption Exemption Situation Classification Amount Required to pay out all of its income, makes no charitable contributions, distributes no principal Simple 300 Required to pay out all of its income, makes no charitable contributions, distributes principal Complex $ 300 Required to pay out all of its income, authorized to make charitable contributions, distributes no principal Complex $ 300 Authorized to make discretionary distributions of income, but not principal, makes no charitable / contributions Complex 5 Authorized to make discretionary distributions of both income and principal, makes no charitable contributions Complex 100 100 Print Done Print Done mta. What is the trust's taxable income under the formula approach? (Round interim currency calculations and you to come Reference ESTATES AND TRUSTS. If taxable income is: The tax is: Not over $2,600 J0% of taxable income. Over $2,600 but not over $9,450 $260.00. plus 24% of the excess over $2,600. $1,904.00, plus $12.950% of the excess over Over $9.450 but not over $12,950 $9.450 Over $12,950 5455, 154,00, plus 37% of the excess over $12,950 --- Print Done Question Help 14-32 (similar to) mple trust has the following receipts and expenditures for 2020. The trust ument is silent with respect to capital gains, and state low concerning trust unting income follows the Uniform Act. Assume the trustee's fee is charged aly to income and to principal (Click the icon to view the receipts and expenditures.) (Click the icon to view the exemption amounts for trusts.) (Click the icon to view the tax rate schedule for trusts.) (Click the icon to view the tax rates on capital gains and not investment for estates and trusts.) Read the requirements uirement a. What is the trust's taxable income under the formula approach? (Round interim currency calculations and your final answers to the nearest w ar.) Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec, 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household Estates & Trusts 0% Up to $40,000 Up to $80,000 Up to $53,600 Up to $2,650 > $40.000 but not over > $80.000 but not over > $53.600 but not over > $2,650 but not over 15% $441,450 $496,600 $469,050 $13,150 20% Over $441,450 Over $496,600 Over $469,050 Over $13,150 Note: The net investment income of higher income taxpayers (modified AGI greater than $200,000 for single and $250,000 for married filing jointly) also may be subject to an additional tax of 3.8%. Net investment income includes dividends and capital gains. along with other types of investment income. Print Done