Calculate the amount of fiduciary income, Taxation

Assignment Help:

should be on 2012 forms and done in pencil. It should include a schedule that shows the fiduciary income calculation and other relevant calculations. Jack Green established the Jackson Trust by a gift in 1999. The trust instrument requires that the trustee (Fifth-Fourth Bank) distribute all of the trust income at least annually to Ned Jackson for life. In fact, all the trust income was distributed to Ned Jackson during the year. Under the trust document capital gains are credited to principal. Trustee's fees and estimated tax payments come out of principal for purposes of calculating fiduciary income. The 2012 results of the trust are as follows: Dividends $20,000 Corporate Bond Interest $30,000 Capital Gains $10,000 Rental Income $30,000 Tax-Exempt Interest $20,000 Trustee's Fee $10,000 Tax Return Preparation Fee $ 1,000 Payment of Estimated Taxes $ 1,500 Rental Expenses $ 5,000 The capital gain was from a property purchased on 08/10/2009 and its cost was $5,000 and it sold on 12/01/2012. Calculate the amount of fiduciary income that was distributed by the trust. Prepare a Form 1041, including any needed Schedule K-1's, for the Jackson Trust. Ignore alternative minimum tax. The trustee's address is P.O. Box 100, Waterloo, IA 50702. The identification number of the trust is 12-3456789. Ned's social security number is 483-77-5566, and he resides at 100 Oregon Street, Evansville, IN 47715.


Related Discussions:- Calculate the amount of fiduciary income

General deductions question, Simon works as a chiropractor for a small part...

Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac

Online Exam, Hi Dear, could you do the online exam with me !! Thank you

Hi Dear, could you do the online exam with me !! Thank you

Determine tax expense, Given the below information, provide the journal ent...

Given the below information, provide the journal entry to recognize tax expense. Assume taxes are paid immediately (with cash). Note: the statutory rate is assumed to be 40%. As

Sales tax, I got confused with the numbers on these parts: 1. "The $3,600 o...

I got confused with the numbers on these parts: 1. "The $3,600 of property taxes for the house in Orlando were prorated with $1,950 being apportioned to the seller and $1,650 being

Discussion Post, Background: Thomas and his wife Diana have operated their ...

Background: Thomas and his wife Diana have operated their own children''s daycare for the last three years. They also own the daycare facility, a building and the adjacent land lo

Define the tax year, Q. Define the Tax Year? Tax Year -Period used to c...

Q. Define the Tax Year? Tax Year -Period used to compute a taxpayer's TAXABLE INCOME is tax year. It's an annual period which is either a calendar year , FISCAL YEAR or fractio

How much taxable income, Stewie loaned a friend $12,500 to buy some stock 3...

Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu

Wct, How to raise an invoice with WCT for Civil construction job

How to raise an invoice with WCT for Civil construction job

Compute gross income from merchandise sales, 1. Ben lost his job when his e...

1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr

Calculate the amount of tax expense, Given the below information, calculate...

Given the below information, calculate the amount of tax expense.  Assume taxes are paid immediately (with  cash). Note: the statutory rate is assumed to be 35%. You will have t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd