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upon her reaching the age of 21
The Shelley Ora Co also has a discretion to pay or apply part or all the daughter’s share of the income for her education, welfare, betterment, or advancement in life.
During the last tax year, the trust had net income of $500,000. Shelley Ora paid $75,000 towards the cost of Laurie’s education in law school.
Patsy received, as other income, net rents of $100,000. Devin received $150,000 under a trust created by his grandfather Sidney’s will and Laurie earned $37,500 from working as the junior sales executive in Sidney’s toy shop, in which due to her exceptional sales performance, she was awarded a car valued at $20,000.
Who is assessable on the income of the trust estate? Indicate the basis upon which they would be assessed and calculate the taxable incomes (indicating any entitlements to credits) of the Patsy, Devin, and Laurie.
(3 marks)
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