A testamentary trust established in 2017 for the benefit of children earned $24,000 of income in its 2021 taxation year. The income consists entirely of eligible dividends. The trust distributed half of the $24,000 income to beneficiaries. Determine the federal tax payable by the trust for the 2021 taxation year.

Answer rating: 100% (QA)

To determine the federal tax payable by the testamentary trust for the 2021 taxation year we need to consider the tax rates for eligible dividends and ... View the full answer