Grandma Orange is designated in irrevocable trust a property in favor of her grand daughter and appointed her lawyer as trustee. The property earned a regular monthly revenue of P55,000 and a monthly maintenance expense of P10,000 plus annual trust fee of P80,000.00. P15,000 monthly is given to her grand daughter as income distribution.



Question

 Income tax liability of the trust is ?

Answer rating: 100% (QA)

The income tax liability of the trust would depend on the tax laws in the jurisdiction where the tru... View the full answer