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Presentation/PPT
27/08/2022
8. Which of the following deductions does not affect trust accounting income?
a. rental expenses.
b. attorney’s fees allocable to income.
c. trustee’s fees allocable to income.
d. trustee’s fees allocable to principal.
9. What problem does the separate share rule alleviate?
a. prevents unequal distributions of tangible personal property from an estate or trust.
b. satisfies state law requirements regarding distributions from the residuary portion or an estate or trust.
c. reduces risk of a successful will or trust contest.
d. prevents a beneficiary being taxed on income accumulated for another beneficiary.
10. Which one of the following is correct?
a. for fiduciary accounting, the allocation of receipts between income and principal is based primarily on the governing instrument(will or trust agreement) and secondarily on state law (uniform principal and income act).
b. for fiduciary accounting, the accounting period must be identical to the income tax period for the estate or trust (calendar or fiscal).
c. for fiduciary accounting, GAAP (generally accepted accounting principles) apply along with the UP&IA and prevail in the event of a conflict.
d. for fiduciary accounting, a certified fiduciary accountant must prepare the accounting in order for the shortest statute of limitations to apply.
11. Estate’s income tax year is February 1 through January 31. Personal representative makes a distribution to residuary beneficiary Z, a calendar year taxpayer, on March 12017 that carries out $5,000 DNI to Z. Z will report the income
a. on her 2018 Form 1040 only.
b. on her 2017 Form 1040 only.
c. on her 2018 1040 if she properly so elects.
d. on her 2017 1040 if she properly so elects.
12. The trust’s final tax termination year ends on June 30. The trust realized $5,000 on capital gain on May 1. The capital gain income
a. will be taxed to the trust as not part of DNI.
b. will be included in DNI.
c. cannot be offset by capital losses in year of termination.
d. will be taxed separately to the beneficiaries but is not part of DNI.
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