Question
In: Accounting
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes....
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
For the current tax year, Allwardt reports the following.
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a. How much income is each beneficiary entitled to receive?
b. What is the trust's DNI?
c. What is the trust's taxable income?
d. How much gross income is reported by each of the beneficiaries?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes....
The Allwardt Trust is
a simple trust that correctly uses the calendar year for tax
purposes. Its income beneficiaries (Lucy and Ethel) are entitled to
the trust's annual accounting income in shares of one-half
each.
For the current tax
year, Allwardt reports the following.
Ordinary income
$645,000
Long-term capital gains, allocable
to corpus
193,500
Trustee commission expense,
allocable to corpus
32,250
a.
How much income is each beneficiary entitled to receive?
$ 322,500
b.
What is the trust's DNI?
$...
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes....
The Allwardt Trust is a simple trust that correctly uses the
calendar year for tax purposes. Its income beneficiaries (Lucy and
Ethel) are entitled to the trust's annual accounting income in
shares of one-half each.
For the current tax year, Allwardt reports the following.
Ordinary income
$210,000
Long-term capital gains, allocable
to corpus
63,000
Trustee commission expense,
allocable to corpus
10,500
a. How much income is each beneficiary entitled
to receive?
b. What is the trust's DNI?
c. What is...
Counsell is a simple trust that correctly uses the calendar year for tax purposes. Its income...
Counsell is a simple trust that correctly uses the calendar year
for tax purposes. Its income beneficiaries (Kathie, Lynn, Mark, and
Norelle) are entitled to the trust’s annual accounting income in
shares of one-fourth each. For the current calendar year, the trust
has ordinary business income of $40,000, a long-term capital gain
of $20,000 (allocable to corpus), and a trustee commission expense
of $4,000 (allocable to corpus).
a. How much income is each beneficiary entitled to receive?
b. What is...
Acme Corporation uses the calendar year as their fiscal year for reporting purposes. Acme Corporation is...
Acme Corporation uses the calendar year as their fiscal year for
reporting purposes. Acme Corporation is owned 100% by Jesse
Smith. Jesse Smith is quite wealthy - he has over $3
million in a personal savings account which is currently earning 2
one hundredths of 1% interest (or .0002 rate resulting in $600 per
year). He also has many other investments. Acme Corporation has
$300,000 of current assets. Acme has Accounts Payable of $40,000
and various Payroll liabilities totaling $109,000....
Acme Corporation uses the calendar year as their fiscal year for reporting purposes. Acme Corporation is...
Acme Corporation uses the calendar year as their fiscal year for
reporting purposes. Acme Corporation is owned 100% by Jesse Smith.
Jesse Smith is quite wealthy - he has over $3 million in a personal
savings account which is currently earning 2 one hundredths of 1%
interest (or .0002 rate resulting in $600 per year). He also has
many other investments. Acme Corporation has $300,000 of current
assets. Acme has Accounts Payable of $40,000 and various Payroll
liabilities totaling $109,000....
Acme Corporation uses the calendar year as their fiscal year for reporting purposes. Acme Corporation is...
Acme Corporation uses the calendar year as their fiscal year for
reporting purposes. Acme Corporation is owned 100% by Jesse Smith.
Jesse Smith is quite wealthy - he has over $3 million in a personal
savings account which is currently earning 2 one hundredths of 1%
interest (or .0002 rate resulting in $600 per year). He also has
many other investments. Acme Corporation has $300,000 of current
assets. Acme has Accounts Payable of $40,000 and various Payroll
liabilities totaling $109,000....
Discuss the purposes of Tax File Memos for current and future uses
Discuss the purposes of Tax File Memos for current and future
uses
Antioch Extraction, which mines ore in Montana, uses a calendar year for both financial-reporting and tax...
Antioch Extraction, which mines ore in Montana, uses a calendar
year for both financial-reporting and tax purposes. The following
selected costs were incurred in December, the low point of
activity, when 1,500 tons of ore were extracted:
Straight-line depreciation ..........................$25,000
Royalties .....................................$135,000
Charitable contributions* ...........................$11,000
Trucking and hauling ..................275,000
Mining labor/fringe benefits
........................$345,000
*Incurred only in December.
Peak activity of 2,600 tons occurred in June, resulting in
mining labor/fringe benefit costs of $598,000, royalties of
$201,000, and trucking and hauling...
Antioch Extraction, which mines ore in Montana, uses a calendar year for both financial-reporting and tax...
Antioch Extraction, which mines ore in Montana, uses a calendar
year for both financial-reporting and tax purposes. The following
selected costs were incurred in December, the low point of
activity, when 1,250 tons of ore were extracted: Straight-line
depreciation $ 27,500 Charitable contributions* 7,500 Mining
labor/fringe benefits 200,000 Royalties 151,250 Trucking and
hauling 201,195 *Incurred only in December. Peak activity of 2,550
tons occurred in June, resulting in mining labor/fringe benefit
costs of $408,000, royalties of $274,750, and trucking and...
Antioch Extraction, which mines ore in Montana, uses a calendar year for both financial-reporting and tax...
Antioch Extraction, which mines ore in Montana, uses a calendar
year for both financial-reporting and tax purposes. The following
selected costs were incurred in December, the low point of
activity, when 1,250 tons of ore were extracted:
Straight-line depreciation
$
27,500
Charitable contributions*
7,500
Mining labor/fringe
benefits
200,000
Royalties
151,250
Trucking and hauling
201,195
*Incurred only in December.
Peak activity of 2,550 tons occurred in June, resulting in
mining labor/fringe benefit costs of $408,000, royalties of
$274,750, and trucking and...
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