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。
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.
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。
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