過去問 Estates, Trust & Exempt Organizations １

Dart created an irrevocable trust naming Larson as trustee. The trust provided that the trust income would be paid to Frost for 15 years, with the principal then reverting to Dart. Larson died after 10 years, Frost died after 20 years, and Dart died after 22 years. When does the trust terminate?

a.               After 10 years

b.    After 15 years

c.     After 20 years

d.    After 22 years

6969

Solution　b

Trustee がいなくなってモメても、Court がSuccessor Trustee をAppointするので、問題はない。

Frostに15年間払われた後、手仕舞いをします。

On the death of the grantor, which of the following testamentary trusts would fail?

a.               A trust created to promote the public welfare

b.    A trust created to provide for a spouse’s health care

c.     A trust created to benefit a charity

d.    A trust created to benefit a childless person’s grandchildren

5344

Solution　d

Testamentary Trusts　＝　Will Trust　遺言で作られるTrust

dは、子どもがいないなら、Grandchildren もいるはずがない。

A distinguish feature between the making of an inter vivos gift and the creation of a trust is that

a.               A gift may be made orally whereas a trust must be in signed writing.

b.    Generally, a gift is irrevocable whereas a trust may be revoked in certain cases.

c.     In order to create a valid trust, the creator must receive some form of consideration.

d.    The beneficiary of a trust must be notified of the trust’s creation.

8045

Solution　b

Gift は基本、Irrevocable。Trust は could be revocable, could be irrevocable。

a　書面でかわす必要ない。

c　対価いらない。

d　Beneficiary は通知を受ける必要ない。

To properly create an inter vivos trust funded with cash, the grantor must

a.               Execute a written trust instrument

b.    Transfer the cash to the trustee

c.     Provide for payment of fees to the trustee

d.    Designate an alternate trust beneficiary

0856

Solution　b

Trust をSetupするためにはTrusteeに資産を預けなければいけない。

a　It doesn’t have to be in writing.

c　 payment of fees to the trusteeである必要もない。

d　他のBeneficiary をDesignateする必要もない。

On January 1, Year 3, Dix transferred certain assets into a trust. The assets consisted of Lux Corp. bonds with a face amount of $500,000 and an interest rate of 12%. The trust instrument named Dix as trustee, Dix's child as life beneficiary, and Dix's grandchild as remainderman. Interest on the bonds is payable semiannually on May 1 and November 1. Dix had purchased the bonds at their face amount. As of January 1, Year 3, the bonds had a fair market value of $600,000. The accounting period selected for the trust is a calendar year. The trust instrument is silent as to whether Dix may revoke the trust. Assuming the trust is valid, how should the amount of interest received in Year 3 be allocated between principal and income if the trust instrument is otherwise silent?

	Principal	Income
a.	$0	$60,000
b.	$0	$72,000
c.	$10,000	$50,000
d.	$12,000	$60,000

8047

Solution　c

TrustにこのBondを資産として移したのがYear３の1/1。

金利は5/1と11/1だから、２か月分の金利がAccrualされた形でいく。

Income Beneficiary がもらうのは、Trust が移行された1/1から11/1の10か月分。

去年の11月分、12月分（Trust が移行される前の分）については、Remainderman の部分。

Cox transferred assets into a trust under which Smart is entitled to receive the income for life. After Smart's death, the remaining assets are to be given to Mix. In Year 1, the trust received rent of $1,000, stock dividends of $6,000, interest on certificates of deposit of $ 3,000, municipal bond interest of $4,000, and proceeds of $7,000 from the sale of bonds. Both Smart and Mix are still alive. What amount of the Year 1 receipts should be allocated to trust principal?

a.               $7,000

b.     $8,000

c.     $13,000

d.     $15,000

3088

Solution　c

stock dividends of $6,000 + proceeds of $7,000（Bondを売って入ってきたお金）が答え。

それ以外は、Income Beneficiary の部分。

Which of the following is allowed in the calculation of the taxable income of a simple trust?

a.               Exemption

b.     Standard deduction

c.     Brokerage commission for purchase of tax-exempt bonds

d.     Charitable contribution

8691

Solution　a

Simple Trust はExemption はとれる。

Mackenzie is the grantor of a trust over which Mackenzie has retained a discretionary power to receive income. Kelly, Mackenzie's child, receives all taxable income from the trust unless Mackenzie exercises the discretionary power. To whom is the income earned by the trust taxable?

a.               To the trust to the extent it remains in the trust

b.     To Mackenzie because he has retained a discretionary power

c.     To Kelly as the beneficiary of the trust

d.     To Kelly and Mackenzie in proportion to the distributions paid to them from the trust

9420

Solution　b

discretionary power（好きにできる権利）がある場合、税務上はGrantorにIncome（Trustが得た収入）全てがかかってくる。

Pat created a trust, transferred property to this trust, and retained certain interests. For income tax purposes, Pat was treated as the owner of the trust. Pat has created which of the following types of trusts?

a.               Simple

b.     Grantor

c.     Complex

d.     Pre-need funeral

90231

Solution　b

PatがCreateして、PatがOwnerで、Grantor。

a　全てのIncomeがBeneficiaryに行くと書いてあればSimple Trust。

c　そうでなければComplex。

d　Pre-need funeralは、葬式費用などに支払われる特別なTrust。

aもcもdも書いてないから、選べない。

The standard deduction for a trust or an estate in the fiduciary income tax return is

a.               $0

b.     $100

c.     $300

d.     $600

2472

Solution　a

TrustやEstateにStandard Deductionはない。（個人、人間じゃないから。）

An executor of a decedent's estate that has only US citizens as beneficiaries is required to file a fiduciary income tax return, if the estate's gross income for the year is at last

a.               $ 400

b.     $ 500

c.     $ 600

d.     $1,000

1697

Solution　c

Fiduciary Income Tax Return はGross Income が600ドルから申告必要。

For income tax purposes, the estate's initial taxable period for a decedent who died on October 24

a.               May be either a calendar year, or a fiscal year beginning on the date of the decedent’s death

b.     Must be fiscal year beginning on the date of the decedent’s death

c.     May be either a calendar year, or fiscal year beginning on October 1 of the year of the decedent’s death

d.     Must be a calendar year beginning on January 1 of the year of the decedent’s death

6914

Solution　a

EstateはCalendar Yearでもいいし、Beginning に10/24を選んでFiscal Year を選ぶことも出来る。

人はいつ死ぬか分からないから、自由がきく。

Trust はCalendar Yearだけ。

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