Question
Michelles trust is subject to 3.8% surtax on the lesser of the trusts net investment income or the excess of the trusts adjusted gross income
Michelle’s trust is subject to 3.8% surtax on the lesser of the trust’s net investment income or the excess of the trust’s adjusted gross income over the $12,400 threshold (the highest trust tax rate). Explain how the trust can avoid this tax. What are the tax obligations of nonexempt charitable trusts?
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1 The trust can avoid this tax by doing a number of these measures a The trust can use their initiat...
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
