Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

tax payable by trustee for rock and dot aswell please QUESTION 2.21 (Comprehensive, deceased estate) The Late Royce Rolls passed away on 5 August 2018.

tax payable by trustee for rock and dot aswell please

image text in transcribed
QUESTION 2.21 (Comprehensive, deceased estate) The Late Royce Rolls passed away on 5 August 2018. His Will provided that from any trust net income: The first $30,000 is to be paid to Lindy, his wife. . The next $20,000 is to be distributed to Rock his son. Rock is aged 25 and currently bankrupt. Of any remaining income not distributed to Lindy and Rock: 40% is to be distributed to Cindy, his 20 year-old daughter. 25% is to be distributed to Dot, his 17 year-old niece. . 35% to be retained or distributed at the discretion of the Trustee. The trust had net income of $120,000 for the 2019/20 tax year. During the year, the Trustee made a discretionary distribution of $8,000 to Cindy to assist with her education. During the year, Dot also received a distribution of $30,000 from the Gerard Discretionary Trust (her parent's inter vivos family trust). There was $14,100 of tax paid by the Trustee for this amount. 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 Dot

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions

Question

What special work/family problems are employees facing?

Answered: 1 week ago