Question
The Nick Nolt Trust reports the receipts and expenditures listed below. U.S. Treasury interest $24,000 Rental income 4,800 Interest from tax-exempt bonds 7,200 Property taxes
The Nick Nolt Trust reports the receipts and expenditures listed below.
U.S. Treasury interest
$24,000
Rental income
4,800
Interest from tax-exempt bonds
7,200
Property taxes on rental property
2,600
CPA's fee for tax return preparation
500
Trustee's fee
2,400
Requirement
What are the trust's deductible expenses? (Assume that all trustee fees are exempt from classification as a miscellaneous itemized deduction. Complete all input fields. If the expense is not deductible enter a "0" in the column. Do not round intermediary calculations.)
U.S. Treasury interest |
|
---|---|
Rental income |
|
Interest from tax-exempt bonds |
|
Property taxes on rental property |
|
CPA's fee for tax return preparation |
|
Trustee's fee |
|
Trust's deductible expenses |
|
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