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23 Aug
2019

Barclay Trust, an irrevocable trust | Good Grade Guarantee!

In 2003, Belinda Barclay established the Barclay Trust, anirrevocable trust, and named the local Bank as Trustee. She funded the trustwith corporate and municipal bonds. The trustee is directed to distributionincome and/or principal at its discretion to Belinda’s adult sons, Joe andRusty, for 15 years and then payout the remaining trust assets, including anyaccumulated income, equally between the two sons. Half of the trustee’s fee ischarged to principal and half to income. During the current year, the trusteedistributed $15,000 to Joe and 10,000 to Rusty. Other current information forthe trust for 2014 is as follows:
Corporation bond interest$15,000
Municipal bond interest22,000
Long-term capital gain on sale of corporation bonds 14,000
CPA fee for prior year tax return1,800
Trustee’s fee2,500
Estimated federal income taxes paid by the trust for2014 7,700
The trust has a $1,000 short-term capital loss carryoverfrom 2013
Compute the trust’s taxable income before the distributiondeduction, the distribution deduction, the taxable income, the tax payable bythe trust, and income to be reported by Joe and Rusty.
This is answer:
the trust’s taxable income before the distribution deduction25086
the distribution deduction 9318
the taxable income, 15768
the tax payable by the trust, 4990 refund
income to be reported by Joe and Rusty. 5591,3727
Please give me the solving process of this problem. (you cancheck the final answer).

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