Question
In: Accounting
Julie is the beneficiary of a discretionary trust. She is 20 years old.
Julie is the beneficiary of a discretionary trust. She is 20 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year.
Who is liable for tax on Julie's trust income?
Her parents | ||
Julie | ||
No one | ||
Trustee of the trust |
Solutions
Expert Solution
Julie is the beneficiary of a discretionary trust. She is 20 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year.
Trustee of the trust , Trustee Liable to file Form 1041 and pay taxes accordingly.
ekkarill92 answered 2 years agoRelated Solutions
The Farmers Trust is a discretionary trust (not a “family trust” as defined in the Tax...
The Farmers Trust is
a discretionary trust (not a “family trust” as defined in the Tax
Acts) that was set up on 1 July 2014 and operates a sports clothing
business. For all relevant years, the trust has had the same
trustee, JGB Pty Ltd.
John and Carly each
hold one share in JGB Pty Ltd and no other shares have been issued
to this date. No beneficiaries hold fixed interests in the
trust.
The assessable income
of the trust...
Miss Elizabeth will be 25 years old tomorrow. She will receive the proceeds of a trust...
Miss Elizabeth will be 25 years old tomorrow. She will receive
the proceeds of a trust fund that was set up by her wealthy
grandmother. Her grandmother invested $10000at 5% when Elizabeth
was 5 years old. Elizabeth plans to invest her inheritance with an
insurance company at a guaranteed rate of 12% until she retires on
her 55th birthday.
Elizabeth will also receive $5000 on her 25th birthday. This was
the total prize money she won in a contest. She...
:The Fish Trust is a simple trust. Mrs. Jones is its sole beneficiary. In the current...
:The Fish Trust is a simple trust. Mrs. Jones is its sole
beneficiary. In the current year, the trust earns $15,000 in
taxable interest and $2,000 in tax-exempt interest. In addition,
the trust recognizes an $7,000 long-term capital gain. The trustee
assesses a fee of $4,000 for the year. If the trust agreement
allocates fiduciary fees to income, but allocates capital gains to
corpus, what is the trust’s accounting income for the year?
a $21,000 b $13,000 c $15,000 d...
The Robinson Family Trust is a discretionary family trust with two resident beneficiaries, Tom and grace....
The Robinson Family Trust is a discretionary family trust with
two resident beneficiaries, Tom and grace. During this income year
of 2019-2020, the activities of the trust gave rise to the
following: $ Loss from rental property (3,000) Interest income from
term deposits 2,000 Cash received from non franked dividends 9,000
A capital gain from the sale of Telstra’s shares that had been held
for three years 8,000 The trustee of the trust resolved to
distribute 100% of the trust...
The Robinson Family Trust is a discretionary family trust with two resident beneficiaries, Tom and grace....
The Robinson Family Trust is a discretionary family trust with
two resident beneficiaries, Tom and grace. During this income year
of 2019-2020, the activities of the trust gave rise to the
following:
$
Loss from rental property
(3,000)
Interest income from term deposits
2,000
Cash received from non frankeddividends
9,000
A capital gain from the sale of Telstra’s shares that had been
held for three years
8,000
The trustee of the trust resolved to distribute 100% of the
trust income...
C) Holly is 20 years old and is a recovering from an eating disorder. She works...
C) Holly is 20 years old and is a recovering from an eating
disorder. She works out 7 days/week for one hour each session. She
burns 500 calories each exercise session. She consumes 1,500
calories/day. She currently weighs 110 lbs and wants to weigh 120
lbs. Holly has been advised by her friend to increase her calories
to 2,000/day, as her friend says she isn’t eating enough, but Holly
feels like she is. Holly has now come to you asking...
our client is 20 years old. She wants to begin saving for retirement, with the first...
our client is 20 years old. She wants to begin saving for
retirement, with the first payment to come one year from now. She
can save $8,000 per year, and you advise her to invest it in the
stock market, which you expect to provide an average return of 11%
in the future.
If she follows your advice, how much money will she have at 65?
Do not round intermediate calculations. Round your answer to the
nearest cent.
$
How...
You are the beneficiary of a trust fund that will start paying you cash flows in...
You are the beneficiary of a trust fund that will start paying
you cash flows in 5 years. The cash flows will be $ 19933 per year
and there will be a total of 35 yearly cash flows paid. If the
interest rate is 5.5 % per year, what is the value needed in the
trust fund now to fund these cash flows?
Julie is a 28-year-old female who was diagnosed with OCD at age 8. She has managed...
Julie is a 28-year-old female who was diagnosed with OCD at age
8. She has managed the condition successfully with medication for
most of her life. Recently, Julie began to experience a recurrence
in OCD symptoms. She is washing her hands in excess of one hundred
times a day. She reported that she is still taking her medication
as directed, but she has recently experienced separating from her
husband. Julie now has to share custody of her children, which has...
Rosa and Sam Costello are the only two beneficiaries of a discretionary trust created by their...
Rosa and Sam Costello are the only two beneficiaries of a
discretionary trust created by their father during his lifetime.
Rosa aged 23 years resides in Italy and is a non- resident for
Australian tax purposes. Sam aged 16 years is a resident of
Australia.
During the 2019/20 tax year the trustee received a dividend of
$6,300 (net of tax) from a company resident in Italy, on which
withholding tax of 10% had been deducted at source, and a fully...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Please use Java language in an easy way with comments! Thanks! Create a calculator that uses...
- Due Thursday (Normal late penalties apply for late submission.) Respond to the following in a minimum of...
- 1. You must evaluate a proposal to buy a new milling machine. The base price is...
- Could you please write an article on Software Engineering Trends in about 300 words? Please, also...
- A)Given a generic array with ‘n’ items (not only integers). Give a solution for checking whether...
- Explain virtualization as a key technology in cloud computing environments, as well as the purpose of...
- A system is set up to take raw grading information from the console and calculate a...
ADVERTISEMENT