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Case Study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00    contributed to a traditional IRA $3,000.00     Belinda Johnson - Annual Income $94,000.00   contribued to 401(k) $3,000.00     Earned Interst  - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the total value of their exemptions? 2. How much is the standard deduction for the Johnsons?

An estate has the following income: $5,000 3,000 1,000 Rental income Interest income Dividend income The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decedent's will. What is the taxable income of the estate? Multiple Choice $5,000. $4.400. $8,000. $8,400.

On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario.    Comeau   Lavoi   Contribution $304,000 cash   $202,000 land         $144,900 building   Profit sharing $184,800 salary allowance         5% of original capital investments   5% of original capital investments     40% of remaining   60% of remaining   Cash withdrawal March 20, 2023     $129,800     Net Income during the year was $509,600 and was in the Income Summary account.On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity.Required:1. Prepare journal entries for the following dates.a. April 1, 2022

The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus.   Taxable interest income                                    40,000 Tax-exempt income interest income                  20,000 Long-term capital gains-allocable to corpus        80,000 Legal and accounting fees-allocable to corpus      9,000 Money distributed to Beneficiary A                    13,000 Money distributed to Beneficiary B                    26,000   Determine the following:   Trust Accounting Income________________________         Taxable Income________________________________         Distributable Net Income (DNI)____________________

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Sanaeil Center for Education, a nonprofit organization, learns that it has been named as the remainder beneficiary of an irrevocable charitable remainder trust. When the donor dies, the trust income will be distributed to the donor's spouse until their death, at which point the nonprofit is expected to receive the beneficial interest, with an estimated actuarial value of $500,000 as a permanent endowment. What journal entry would the nonprofit organization record at the time the irrevocable trust is created?

Subject: accounting

Richard placed his portfolio of income-producing stock valued at $200,000 into an irrevocable trust. The trust provides that the trustee is to pay to Richard 7% of the initial value of the trust annually for a period of 12 years. After the 12-year term, the trustee is directed to pay the remaining assets in the trust to Richard's daughter. Which of the following are CORRECT statements regarding the income, gift, or estate tax implications of this trust arrangement? Richard will owe a gift tax based on the present value of the remainder interest given to his daughter. Taxation of the income earned by this trust will be affected by the grantor trust rules. If Richard dies during the 12-year term of the trust, the trust assets will be included in his gross estate. The right that Richard has retained in this trust is considered to be "qualified" for purposes of the Chapter 14 rules. A) II and IV B) I and III C) I, II, III, and IV D) I and IV

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?