Answered: ion from the trust. Julie had no other…

ion from the trust. Julie had no other sources of income for the year. Who is liable for tax on Julie's trust income? a. Her parents b. Julie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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Julie is the beneficiary of a discretionary trust. She is 16 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year. Who is liable for tax on Julie's trust income?

	a.	Her parents
	b.	Julie
	c.	No one
	d.	Trustee of the trust

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