A complex trust has taxable income of $29,900 in 2017. The $29,900 includes $5,000 of rental income
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A complex trust has taxable income of $29,900 in 2017. The $29,900 includes $5,000 of rental income and $25,000 of taxable interest income, reduced by the $100 personal exemption. The trust makes no distributions during the year. What is the trust’s total tax liability? Compare this tax to the amount of tax an unmarried individual filing single would pay on the same amount of rental and interest income (with no other income). Assume the individual claims the standard deduction.
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The trusts tax is 10784 calculated as follows Tax on 29900 of taxable income 10123 a Tax on net inve...View the full answer
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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