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.
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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