The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a
Question:
The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June:
Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000.
Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%).
Interest income of $12,000 received during the year.
What is the s 95(1) net income of the trust for the current year ended 30 June?
a.
$117,000
b.
$262,000
c.
$192,000
d.
$108,000
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill