過去問 Estates, Trust & Exempt Organizations ５

During the current year, a trust reports the following information:

Dividends	$10,000
Interest from corporate bonds	12,000
Tax-exempt interest form state bonds	4,000
Capital gain (allocated to corpus)	2,000
Trustee fee (allocated to corpus)	6,000

What is the trust's accounting income?

a.                        $22,000

b.                       $26,000

c.                        $28,000

d.                       $34,000

9419

Solution　b

後ろの２つはIncome ではなくRemainderman Principal。Accounting Income としてPick up しなければいけないのは、上の３つだけ。

Andi Corp. issued $1,000,000 face amount of bonds in Year 1 and established a sinking fund to pay the debt at maturity. The bondholders appointed an independent trustee to invest the sinking fund contributions and to administer the trust. In Year 6, the sinking fund earned $60,000 in interest on bank deposits and $8,000 in net long-term capital gains. All of the trust income is accumulated with Andi's periodic contributions so that the aggregate amount will be sufficient to pay the bonds when they mature. What amount of trust income was taxable to Andi in Year 6?

a.                        $0

b.                       $ 8,000

c.                        $60,000

d.                       $68,000

2492

Solution　d

法人だからSubject to Tax。引っかけ問題。

Rose, a calendar-year, cash-basis taxpayer who died in June was entitled to receive a $10,000 fee that had not been collected before the date of death. The executor of Rose's estate collected the full $10,000 in July. This $10,000 should appear in

a.                        Only the decedent’s finial individual income tax return

b.                       Only the estate’s fiduciary income tax return

c.                        Only the estate tax return

d.                       Both the fiduciary income tax return and the estate tax return

1733

Solution　d

1041と706の２つ。

A trust has distributable net income of $14,000 and distributes $20,000 to the sole beneficiary. What amounts are taxable to the trust and to the beneficiary?

	Trust	Beneficiary
a.	$14,000	$0
b.	$0	$14,000
c.	$14,000	$20,000
d.	$0	$20,000

90239

Solution　b

Trust は払ってる側なので０。Beneficiary はUp to DNI 。それを超えると非課税。

Salud Welfare Associates is an exempt organization that operates under a corporate charter granted by the state in which Salud's principal office is located. Salud's tax on unrelated business taxable income is

a.                        Computed at corporate income tax rates.

b.                       Credited against the tax on recognized capital gains.

c.                        Computed at rates applicable to trusts.

d.                       Abated.

1701

Solution　a

UBI（Unrelated Business Income）通常のCorporate Tax Rate が適用され、予想して払っていかなければならない。

The organizational test to qualify a public service charitable entity as tax exempt requires the articles of organization to

I. Limit the purpose of the entity to the charitable purpose.
II. State that an information return should be filed annually with the Internal Revenue Service.

a.                        I only

b.                       II only

c.                        Both I and II

d.                       Neither I nor II

5781

Solution　a

引っかけ問題。定款に書かなければいけないのはIだけ。

Which one of the following statements is not correct with regard to exempt organizations?

a.                        Exempt status of an organization may be retroactively revoked.

b.                       Exempt organizations that are required to file annual information returns need not disclose the identity of substantial contributors.

c.                        An organization will not automatically forfeit its exempt status if any executive or other employee of the organization is paid compensation in excess of $150,000 per year, even if such compensation is reasonable.

d.                       An organization is not automatically exempt from tax merely by meeting the statutory requirements for exemption.

1748

Solution　b

Need not ではなくMust。

The filing of a return covering unrelated business income

a.                        Is required of all exempt organizations having at least $1,000 of unrelated business taxable income for this year.

b.                       Relieves the organization of having to file a separate annual information return.

c.                        Is not necessary if all of the organization’s income is used exclusively for charitable purposes.

d.                       Must be accompanied by a minimum payment of 50% of the tax due as shown on the return, with the balance of tax payable six months later.

9280

Solution　a

UBI は1,000ドル以上ならYou must file return。

Which of the following is an attribute of a complex trust?

a.                        It distributes income to more than one beneficiary.

b.                       It has a grantor that is not an individual.

c.                        It has a beneficiary that is not an individual.

d.                       It distributes corpus.

8434

Solution　d

a、b、cはSimple としてもComplex としても考えられるが、dはComplex Trust の特徴の１つ。

Brown transfers property to a trust. A local bank was named trustee. Brown retained no powers over the trust. The trust instrument provides that current income and $6,000 of principal must be distributed annually to the beneficiary. What type of trust was created?

a.                        Simple

b.                       Grantor

c.                        Complex

d.                       Revocable

8454

Solution　c

Simple Trust （All income is distributed every year.）以外はComplex Trust 。Principal はDistribute しちゃいけない。

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