The Latimer Trust instrument directs that all income be paid annually to Laura Lee Latimer for life

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The Latimer Trust instrument directs that all income be paid annually to Laura Lee Latimer for life with remainder to Laura Lee's son Lance Latimer or his estate. The trust instrument does not authorize the trustee to make charitable contributions. The Latimer Trust owns a 15% interest in LLL Partnership, which operates a retail store. A Schedule K-1 the Latimer Trust received from the partnership reported, among other information, that the trust's share of charitable contributions made by the partnership for the current year was $1,350. The trust had DNI of $25,000. What charitable contribution deduction, if any, may the trust deduct? Is the trust a simple or complex trust in the current year?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Federal Taxation 2015 Comprehensive

ISBN: 9780133807783

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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