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Author Question: Leonard established a trust for the benefit of his son. The principal amount of the trust is ... (Read 48 times)

CharlieWard

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Question 1

During the current tax year, Frank Corporation generated gross income of $1,900,000 and had ordinary and necessary deductions of $1,400,000. What is the amount of Frank Corporation's corporate income tax for the year?

Question 2

Leonard established a trust for the benefit of his son. The principal amount of the trust is $400,000. The trust is projected to earn approximately 5% per year. In the current year, the trust earned $20,000. Expenses of $4,000 were incurred. Assume that $14,000 is distributed to Leonard's son.
a. How much income is taxed to the trust?
b. How much income is taxed to Leonard's son?


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Marked as best answer by CharlieWard on Sep 13, 2020

mk6555

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CharlieWard

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it


ASDFGJLO

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Reply 3 on: Yesterday
Excellent

 

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