Question
The Federal income tax liability for the Valerio Trust is $_____ INFO: Operating income from a business $815,000 Dividend income, all from US Corp (20%
The Federal income tax liability for the Valerio Trust is $_____
INFO:
| Operating income from a business | $815,000 |
| Dividend income, all from US Corp (20% tax rate) | $48,900 |
| Interest income, City of San Antonio bonds | $6,520,000 |
| Trustee fees, deductible portion | (24,450) |
| Net rental losses, passive activity | (163,000) |
The trustee taxable income at ordinary rates I got was: $790,450 which is correct.
The tax table:
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
