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Federal Taxation

Business

Quiz 14 :

Income Taxation of Trusts and Estates

Quiz 14 :

Income Taxation of Trusts and Estates

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Which of the following statements regarding the taxation of a trust is incorrect?
Free
Multiple Choice
Answer:

Answer:

D

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Identify which of the following statements is false.
Free
Multiple Choice
Answer:

Answer:

A

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Revocable trusts means
Free
Multiple Choice
Answer:

Answer:

D

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Beneficiaries of a trust may receive
Multiple Choice
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This year, the Huang Trust received $20,000 of dividends and $30,000 of tax- free interest. It distributes all of its receipts to its beneficiary. How should the beneficiary treat the distribution?
Essay
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If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Multiple Choice
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For purposes of trust administration, the term "sprinkling" relates to the mandatory distribution of income among various beneficiaries.
True False
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Briefly discuss the reasons for establishing a trust.
Essay
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Identify which of the following statements is false.
Multiple Choice
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The executor or administrator is responsible for all the following estate duties except
Multiple Choice
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The term "trust income" when not preceded by an explanatory word relates most closely to
Multiple Choice
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The conduit approach for fiduciary income tax means
Multiple Choice
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Which of the following statements is incorrect?
Multiple Choice
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A tax entity, often called a fiduciary, includes all of the following except
Multiple Choice
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An inter vivos trust may be created by all of the following except
Multiple Choice
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A trust has net accounting income of $15,000. In addition, the trust has a $10,000 capital gain, which is not included in net accounting income. The trust is required to distribute the trust income to the beneficiary. The beneficiary will receive
Multiple Choice
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Briefly discuss some of the reasons for using a revocable trust.
Essay
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Identify which of the following statements is false.
Multiple Choice
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Texas Trust receives $10,000 interest on U.S. Treasury bonds and $15,000 interest on State of New York bonds. All $25,000 is distributed to the trust beneficiary, Gary. Which of the following statements is correct?
Multiple Choice
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The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is locat state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disburse img What is the trust's net accounting income?
Essay
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