A trust set up under the will of Encik Shivawho passed away in 2019. In the trust deed,three quarter of the trust income is to bedistributed to Robert and Alberto (sons) andthe balance is to be distributed to Kavita andVanita (daughters) at the discretion of thetrustee. The trustee is a Malaysian Resident.Infomation in respect of trust for the yearassessment 2020:Adjusted business income 450,000Capital Allowance 50,000Gross rental income 38,000Revenue expenses 12,000Renovation cost 6,000Dividend from Corona Bhd 13,000Interest from Agrobank 40,000Annuity to Jane (aunt) 72,000Donation to approved institution 100,000Distribution to Kavita 210,000Distribution to Vanita 90,000REQUIRED:calculate the chargeable income of trustbody and the statutory income of eachbeneficiary for the year assessment 2020

Statutory income refers to the income which is not ordinary income and is included in the…

A trust set up under the will of Encik Shiva who passed away in 2019. In the trust deed, three quarter of the trust income is to be distributed to Robert and Alberto (sons) and the balance is to be distributed to Kavita and Vanita (daughters) at the discretion of the trustee. The trustee is a Malaysian Resident. Infomation in respect of trust for the year assessment 2020: Adiusted business income 450.000

A trust set up under the will of Encik Shiva who passed away in 2019. In the trust deed, three quarter of the trust income is to be distributed to Robert and Alberto (sons) and the balance is to be distributed to Kavita and Vanita (daughters) at the discretion of the trustee. The trustee is a Malaysian Resident. Infomation in respect of trust for the year assessment 2020: Adiusted business income 450.000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 16CE

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