atement correctly describes a feature of a charitable split-interest trust?   A)A grantor who transfers $1,000,000 to a grantor trust with a qualified charity as the remainderman and receives a $40,000 annuity each year is eligible for an immediate income tax deduction.   B)CRATs and CRUTs are both revocable trusts.   C)A charitable lead annuity trust (CLAT) provides a fixed-income stream to a charity.   D)A charitable lead unitr

A complex trust has taxable income of $29,900 in the current year.  The $29,900 includes $5,000 of rental income and $25,000 of taxable interest income, reduced by the $100 personal exemption.  The trust makes no distributions during the year.  What is the trust’s total tax liability?

Subject: accounting

Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .

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Which of the following are characteristics of a gift tax charitable deduction? It is only for the amount of the charitable gift in excess of the annual exclusion amount. It allows up to 50% of the value of the gifted property to go to charity free of gift tax. The donee charity assumes any gift tax liability. It is available only for gifts to a qualified charity.     A) II and III     B) I and IV     C) III and IV     D) I and II

A simple trust has the following receipts and expenditures for the current year.  The trust instrument is silent with respect to the capital gains, and state law concerning trust accounting income follows the Uniform Act.  Assume the trustee’s fee is charged equally to principal and income.  Corporate bond interest $40,000 Tax-exempt interest 9,000 Long-term capital gain 5,000 Trustee’s fee 2,000 Distribution to beneficiary 48,000   What is the trust’s taxable income? What is the trust’s tax liability?

All of the listed features or obligations differentiate a registered charity from a private corporation except one. Which one? Ability to issue donors official tax receipts Required to file Form T3010 Charity can incorporate like a private company Requirement to meet annual spending quota

Subject - account  Please help me. Thankyou.

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