In 2006, the Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001acquired...

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In 2006, the Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001acquired a parcel of Real Property in North Port Florida for $4,000,000. The Trust benefits grandchildren and one of the grandchildren, Sigreid lives in Germany with his parents who are German citizens. Seigfreids interest in the income and principal of 20% of the trust assets. All of the Income and discretionary principal are allocable and distribtable to Sigfreid, annually. As a result of the sale, you will need to prepare a trust accounting and a Firpta Form for Sigfreid's 20% Interest. Assume it is the only transaction for the trust in the year. Amount Allocate to: Income Principal Cite the Applicable Cite to the Law of the State you Live in or to the Model Principal and Income Act Find the Code Section Find the Line on the Form 1041 Determine DNI Seller Debit $ $ $ $ $ 2,500.00 3,500.00 200.00 1,000.00 4,500.00 Credit $ 3,988,850.00 $ $ Date: January 25, 2006. Settlement Agent: Doug and Doug Property Address: 11111 South Southern Street, North Pole California Seller: James and Eleanor Dashwood Buyer: Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001 $ 4,000,000.00 Sale Price of Property Deposit Loan from Offshore Bank Seller Credit for Owner's Title Policy Seller Totals Debit Credit $ 11,700.00 $ 4,000,550.00 Description Prorations and Adjustments 300.00 City of North Port Fire 250.00 City of North Port Solid Waste County Taxes 01/01/2006 to 01/25/2006 Credit Report Fee Lien Search Survey Fee Title Costs Home Owners Insurance Lenders Title Recording Fees Deed - Documentary Stamp Taxes Intangible Taxes Mortgage Intangible Taxes Miscellanous Firpta Witholding Preparation of Firpta Filings Real Estate Commissions Subtotals Due From Borrower Due to Seller $ 4,000,550.00 $ 4,000,550.00 Totals Buyer Debit $ 4,000,000.00 $ $ $ $ $ $ $ $ 300.00 250.00 2,500.00 2,500.00 250.00 4,500.00 700.00 750.00 Buyer Totals Debit Credit $ 200,000.00 $ 3,800,000.00 $ 2,500.00 $ $ $ 3,500.00 50.00 400.00 Credit $ 4,011,750.00 $ 4,006,450.00 $ 5,300.00 $ 4,011,750.00 $ 4,011,750.00 Seller Debit $ $ $ $ $ $ $ $ 7,500.00 45,000.00 600.00 10,000.00 6,000.00 1,000,000.00 2,500.00 35,000.00 Credit $ $ Date: January 25, 2006. Settlement Agent: Doug and Doug $ 10,000,000.00 Sale Price of Property Deposit Loan from Climate Worry Bank Seller Credit for Owner's Title Policy Property Address: 11111 South Southern Street, North Pole California Buyer: Otto and Cara Parts Seller: Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001 Seller Totals Debit Credit $ 1,106,600.00 $ 10,005,500.00 $ 8,898,900.00 Description Prorations and Adjustments 3,000.00 City of North Port Fire 2,500.00 City of North Port Solid Waste County Taxes 01/01/2006 to 01/25/2006 Credit Report Fee Lien Search Survey Fee Title Costs Home Owners Insurance Lenders Title Recording Fees Deed - Documentary Stamp Taxes Intangible Taxes Mortgage Intangible Taxes Miscellanous Firpta Witholding Preparation of Firpta Filings Real Estate Commissions Subtotals Due From Borrower Due to Seller $ 10,005,500.00 $ 10,005,500.00 Totals Buyer Debit $ 10,000,000.00 $ $ $ $ $ $ $ $ 3,000.00 2,500.00 10,000.00 5,000.00 350.00 6,000.00 1,200.00 1,000.00 Buyer Totals Debit Credit $ 500,000.00 $ 9,500,000.00 $ 7,500.00 $ $ $ 45,000.00 600.00 1,000.00 Credit $ 10,029,050.00 $ 10,054,100.00 $ (25,050.00) $ 10,029,050.00 $ 10,029,050.00 Pool Addition Built-in Appliances Boat Dock Flooring Hurricane Repairs in Excess of Insurance $ 40,000.00 $ 25,000.00 $ 40,000.00 $ 60,000.00 Crwn Molding Lighting ands Security Storm Windows $ 75,000.00 $ 27,000.00 $ 250,000.00 $ 30,000.00 Pre Sale Expenses $ 25,000.00 ATTACHMENT TO FORM 8288-B (page 1) TRANSFEROR(S): Names & Addresses: ITIN(S): TRANSFEREE: ITIN: LINE 7B: Adjusted Basis Contract Price Settlement Charges Upgrades: Amount Realized Contract Price Settlement Charges County Real Estate Taxes ATTACHMENT TO FORM 8288-B (page 2) Contract Purchase Price Settlement Charges at Purchase AMOUNT REALIZED Contract Sales Price ESTIMATED GAIN ON SALE Amount Realized - Adjusted Basis ATTACHMENT TO FORM 8288-B (page 3) LINE 8 FIRPTA WITHHOLDING Withholding on purchase price $ Date Receipts provided upon request Date ADJUSTED BASIS S ADJUSTED BASIS #REF! AMOUNT REALIZED $ ESTIMATED GAIN ON SALE $ 15% FIRPTA WITHHOLDING $ TOTAL SETTLEMENT CHARGES AT PURCHASE ADJUSTED BASIS $ TOTAL SETTLEMENT CHARGES AT CLOSING NET AMOUNT REALIZED Amount #REF! In 2006, the Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001acquired a parcel of Real Property in North Port Florida for $4,000,000. The Trust benefits grandchildren and one of the grandchildren, Sigreid lives in Germany with his parents who are German citizens. Seigfreids interest in the income and principal of 20% of the trust assets. All of the Income and discretionary principal are allocable and distribtable to Sigfreid, annually. As a result of the sale, you will need to prepare a trust accounting and a Firpta Form for Sigfreid's 20% Interest. Assume it is the only transaction for the trust in the year. Amount Allocate to: Income Principal Cite the Applicable Cite to the Law of the State you Live in or to the Model Principal and Income Act Find the Code Section Find the Line on the Form 1041 Determine DNI Seller Debit $ $ $ $ $ 2,500.00 3,500.00 200.00 1,000.00 4,500.00 Credit $ 3,988,850.00 $ $ Date: January 25, 2006. Settlement Agent: Doug and Doug Property Address: 11111 South Southern Street, North Pole California Seller: James and Eleanor Dashwood Buyer: Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001 $ 4,000,000.00 Sale Price of Property Deposit Loan from Offshore Bank Seller Credit for Owner's Title Policy Seller Totals Debit Credit $ 11,700.00 $ 4,000,550.00 Description Prorations and Adjustments 300.00 City of North Port Fire 250.00 City of North Port Solid Waste County Taxes 01/01/2006 to 01/25/2006 Credit Report Fee Lien Search Survey Fee Title Costs Home Owners Insurance Lenders Title Recording Fees Deed - Documentary Stamp Taxes Intangible Taxes Mortgage Intangible Taxes Miscellanous Firpta Witholding Preparation of Firpta Filings Real Estate Commissions Subtotals Due From Borrower Due to Seller $ 4,000,550.00 $ 4,000,550.00 Totals Buyer Debit $ 4,000,000.00 $ $ $ $ $ $ $ $ 300.00 250.00 2,500.00 2,500.00 250.00 4,500.00 700.00 750.00 Buyer Totals Debit Credit $ 200,000.00 $ 3,800,000.00 $ 2,500.00 $ $ $ 3,500.00 50.00 400.00 Credit $ 4,011,750.00 $ 4,006,450.00 $ 5,300.00 $ 4,011,750.00 $ 4,011,750.00 Seller Debit $ $ $ $ $ $ $ $ 7,500.00 45,000.00 600.00 10,000.00 6,000.00 1,000,000.00 2,500.00 35,000.00 Credit $ $ Date: January 25, 2006. Settlement Agent: Doug and Doug $ 10,000,000.00 Sale Price of Property Deposit Loan from Climate Worry Bank Seller Credit for Owner's Title Policy Property Address: 11111 South Southern Street, North Pole California Buyer: Otto and Cara Parts Seller: Derek Zoolander as Trustee of the Mugatu Family Irrevocable Granchildren's Trust of 2001 Seller Totals Debit Credit $ 1,106,600.00 $ 10,005,500.00 $ 8,898,900.00 Description Prorations and Adjustments 3,000.00 City of North Port Fire 2,500.00 City of North Port Solid Waste County Taxes 01/01/2006 to 01/25/2006 Credit Report Fee Lien Search Survey Fee Title Costs Home Owners Insurance Lenders Title Recording Fees Deed - Documentary Stamp Taxes Intangible Taxes Mortgage Intangible Taxes Miscellanous Firpta Witholding Preparation of Firpta Filings Real Estate Commissions Subtotals Due From Borrower Due to Seller $ 10,005,500.00 $ 10,005,500.00 Totals Buyer Debit $ 10,000,000.00 $ $ $ $ $ $ $ $ 3,000.00 2,500.00 10,000.00 5,000.00 350.00 6,000.00 1,200.00 1,000.00 Buyer Totals Debit Credit $ 500,000.00 $ 9,500,000.00 $ 7,500.00 $ $ $ 45,000.00 600.00 1,000.00 Credit $ 10,029,050.00 $ 10,054,100.00 $ (25,050.00) $ 10,029,050.00 $ 10,029,050.00 Pool Addition Built-in Appliances Boat Dock Flooring Hurricane Repairs in Excess of Insurance $ 40,000.00 $ 25,000.00 $ 40,000.00 $ 60,000.00 Crwn Molding Lighting ands Security Storm Windows $ 75,000.00 $ 27,000.00 $ 250,000.00 $ 30,000.00 Pre Sale Expenses $ 25,000.00 ATTACHMENT TO FORM 8288-B (page 1) TRANSFEROR(S): Names & Addresses: ITIN(S): TRANSFEREE: ITIN: LINE 7B: Adjusted Basis Contract Price Settlement Charges Upgrades: Amount Realized Contract Price Settlement Charges County Real Estate Taxes ATTACHMENT TO FORM 8288-B (page 2) Contract Purchase Price Settlement Charges at Purchase AMOUNT REALIZED Contract Sales Price ESTIMATED GAIN ON SALE Amount Realized - Adjusted Basis ATTACHMENT TO FORM 8288-B (page 3) LINE 8 FIRPTA WITHHOLDING Withholding on purchase price $ Date Receipts provided upon request Date ADJUSTED BASIS S ADJUSTED BASIS #REF! AMOUNT REALIZED $ ESTIMATED GAIN ON SALE $ 15% FIRPTA WITHHOLDING $ TOTAL SETTLEMENT CHARGES AT PURCHASE ADJUSTED BASIS $ TOTAL SETTLEMENT CHARGES AT CLOSING NET AMOUNT REALIZED Amount #REF!

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