過去問 Estates, Trust & Exempt Organizations ３

Hope is a tax-exempt religious organization. Which of the following activities is (are) consistent with Hope's tax-exempt status?

I. Conducting weekend retreats for business organizations.
II. Providing traditional burial services that maintain the religious beliefs of its members.

a.               I only

b.               II only

c.                Both I and II

d.               Neither I nor II

6803

Solution　b

IはReligeonの匂いがしない。

If an exempt organization is a corporation, the tax on unrelated business taxable income is

a.               Computed at corporate income tax rates.

b.               Computed at rates applicable to trusts.

c.                Credited against the tax on recognized capital gains

d.               Abated.

4163

Solution　a

通常の企業の税率が適用される。

Help Inc., an exempt organization, derived income of $15,000 from conducting bingo games. Conducting bingo games is legal in Help's localiy and is confined to exempt to organizations in Help's state. Which of the following statements is true regarding this income?

a.               The entire $15,000 is subject to tax at a lower rate than the corporate income tax rate.

b.               The entire $15,000 is exempt from tax on unrelated business income.

c.                Only the first $5,000 is exempt from tax on unrelated business income.

d.               Since Help has unrelated business income, Help automatically forfeits its exempt status for the current year.

4165

Solution　b

Bingo Gameは非課税。

An incorporated exempt organization subject to tax on its current year unrelated business income

a.               Must make estimated tax payments if its tax can reasonably be expected to be $100 or more.

b.               Must comply with the Code provisions regarding installment payments of estimated income tax by corporations.

c.                Must pay at least 70% of the tax due as shown on the return when filed, with the balance of tax payable in the following quarter.

d.               May defer payment of the tax for up to nine months following the due date of the return.

1717

Solution　b

通常の税率が適用されるし、Estimationを払っていかなければならない。

Which of the following statements is correct regarding the unrelated business income of exempt organizations?

a.               If an exempt organization has any unrelated business income, it may result in the loss of the organization’s exempt status.

b.               Unrelated business income relates to the performance of services, but not to the sale of goods.

c.                An unrelated business does not include any activity where all the work is performed for the organization by unpaid volunteers.

d.               Unrelated business income tax will not be imposed if profits from the unrelated business are used to support the exempt organization’s charitable activities.

4476

Solution　c

Unpaid volunteerがやった分はIncludeしない。

Which one of the following statements is correct with regard to unrelated business income of an exempt organization?

a.               An exempt organization that earns any unrelated business income in excess of $100,000 during a particular year will lose its exempt status for that particular year.

b.               An exempt organization is not taxed on unrelated business income of less than $1,000.

c.                The tax on unrelated business income can be imposed even if the unrelated business activity is intermittent and is carried on once a year.

d.               An unrelated trade or business activity that results in a loss is excluded from the definition of unrelated business.

5036

Solution　b

1,000ドル以下は非課税。

Which of the following situations would cause a resulting trust to be created?

I. Failure of an express trust
II. Application of the cy pres doctrine
III. Fulfillment of the trust purpose

a.               I and II

b.               I and III

c.                II and III

d.               I, II, and III

3087

Solution　b

Resulting Trust ＝ Beneficiary が他界して、Set-upしたTrustを受け取る人がいなくなる。Express Trust がFailureして結果的に残ってしまった資産（Setterに戻る。）がResulting Trust。

Which of the following parties is necessary to create an express trust?

	A remainderman	A successor trustee
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

6504

Solution　d

Express Trust をCreateするには、４つ必要。

Settler、Trustee、Trust Property、Beneficiary。

Remainderman やSuccessor Trustee はいらない。

An irrevocable trust that contains no provision for change or termination can be changed or terminated only by the

a.               Courts

b.               Income beneficiaries

c.                Remaindermen

d.               Grantor

5345

Solution　a

終わらせることが出来るのは、唯一裁判所だけ。

Arno plans to establish a spendthrift trust naming Ford and Sims as life income beneficiaries, Trip residuary beneficiary, and Bing as trustee. Arno plans to fund the trust with an office building.

Assume an enforceable trust was formed. Sims has the following personal creditors:

I. Bank holding a home mortgage note deficiency judgment
II. Judgment creditor as a result of an automobile accident
To which of these creditors can Bing pay Sims' share of trust income?

a.               I only

b.               II only

c.                Both I and II

d.               Neither InorII

3985

Solution　d

Spendthrift Trust をCreateすると、Beneficiary が勝手に売却したり、担保にしてお金を借りたりできない。

海外格安航空券を探すなら　スカイチケット！

過去問 Estates, Trust & Exempt Organizations ２

Gardner, a US citizen and the sole income beneficiary of a simple trust, is entitled to receive current distributions of the trust income. During the year, the trust reported:

Interest income from corporate bonds	$5,000
Fiduciary fees allocable to income	750
Net long-term capital gain allocable to corpus	2,000

What amount of the trust income is includible in Gardner's gross income?

a.               $7,000

b.               $5,000

c.                $4,250

d.               $0

7651

Solution　c

Bond Interest IncomeからFiduciary Fee を引いた金額。2,000はCorpusの分で、Income Beneficiary がPick-upする分ではない。

Subtitles

·Subtitles

·Off

Captions

·Captions

·Off

Chapters

·Chapters

The charitable contribution deduction on an estate's fiduciary income tax return is allowable

a.               If the decedent died intestate

b.               To the extent of the same adjusted gross income limitation as that on an individual income tax return

c.                Only if the decedent’s will specifically provides for the contribution

d.               Subject to the 2% threshold on miscellaneous itemized deductions

1698

Solution　c

　

Charitable contribution Deductionをとるためには、遺言が必要。

Ordinary and necessary administration expenses paid by the fiduciary of an estate are deductible

a.               Only on the fiduciary income tax return (Form 1041) and never on the federal estate tax return (Form 706)

b.               Only on the federal estate tax return and never on the fiduciary income tax return

c.                On the fiduciary income tax return only if the estate tax deduction is waived for the these expenses

d.               On both the fiduciary income tax return and on the estate tax return by adding a tax computed on the proportionate rates attributable to both returns

2487

Solution　c

いわゆるアドミ費用（Necessary、Ordinary なやつ）は1041（Fiduiary Incomee Tax Return）か706（Estate Tax Return）のどちらかしかとれない。

Astor, a cash-basis taxpayer, died on February 3, year 1. During Year 1, the estate's executor made a distribution of $12,000 from estate income to Astor's sole heir and adopted a calendar year to determine the estate's taxable income. The following additional information pertains to estate's income and disbursements in Year 1:

Estate income
Taxable interest	$65,000
Net long-term capital gains allocable to corpus	5,000
Estate disbursements
Administrative expenses attributable to taxable income	14,000
Charitable contributions from gross income to public charity, made under the terms of the will	9,000

For the calendar year, what was the estate's distributable net income (DNI)?

a.               $39,000

b.               $42,000

c.                $58,000

d.               $65,000

6802

Solution　b

DNIの計算にCorpusの分は入れない。

A distribution to an estate's sole beneficiary for the Year 1 calendar year equaled $15,000, the amount currently required to be distributed by the will. The estate's Year 1 records were as follows:

$40,000 Taxable interest income
$34,000 Expenses attributable to taxable interest income

What amount of the distribution was taxable to the beneficiary?

a.               $40,000

b.               $15,000

c.                $ 6,000

d.               $ 0

5779

Solution　c

DNIが6,000なので、支払われたのは15,000だが、Up to DNI。

The Simone Trust reported distributable net income of $120,000 for the current year. The trustee is required to distribute $60,000 to Kent and $90,000 to Lind each year. If the trustee distributes these amounts, what amount is includible in Lind's gross income?

a.               $0

b.               $60,000

c.                $72,000

d.               $90,000

8879

Solution　c

90,000 / 150,000 x 120,000

Raff died in Year 5 leaving her entire estate to her only child. Raff's will gave full discretion to the estate's executor with regard to distributions of income. For Year 6, the estate's distributable net income was $15,000, of which $9,000 was paid to the beneficiary. None of the income was tax exempt. What amount can be claimed on the estate's Year 6 fiduciary income tax return for the distributions deduction?

a.               $ 0

b.               $ 6,000

c.                $ 9,000

d.               $15,000

1699

Solution c

Up to DNI。払っていればDeduction できる。

Which of the following exempt organizations must file annual information returns?

a.               Churches

b.               Internally supported auxiliaries of churches

c.                Private foundations

d.               Those with gross receipts of less than $5,000 in each taxable year

5453

Solution　c

Exempt OrganizationでAnnual Information ReturnしなければいけないのはPrivate Fundationと5,000ドル超えた場合。

The private foundation status of an exempt organization will terminate if it

a.               Becomes a public charity.

b.               Is a foreign corporation.

c.                Does not distribute all of its net assets to one or more public charities.

d.               Is governed by a charter that limits the organization’s exempt purposes.

5452

Solution　a

Private foundation（私的財産）はPublic CharityになったらTerminateになる。

To qualify as an exempt organization other than a church or an employees' qualified pension or profit sharing trust, the applicant

a.               Cannot operate under the “lodge system” under which payments are made to its members for sick benefits.

b.               Need not be specifically identified as one of the classes on which exemption is conferred by the internal Revenue Code, provided that the organization’s purposes and activities are of a nonprofit nature.

c.                Is barred from incorporating and issuing capital stock.

d.               Must file a written application with the Internal Revenue Service.

4639

Solution　d

国に届け出なければならない。

Maple Avenue Assembly, a tax-exempt religious organization, operates an outreach program for the poor in its community. A candidate for the local city council has endorsed Maple's anti-poverty program. Which of the following activities is (are) consistent with Maple's tax-exempt status?

I. Endorsing the candidate to members.
II. Collecting contributions from members for the candidate.

a.               I only

b.               II only

c.                Both I and II

d.               Neither I nor II

6538

Solution　d

IもIIもやってはいけない。Propagandaや議会にInfluenceしてはダメ。

海外格安航空券を探すなら　スカイチケット！