This year, the Huang Trust is a complex trust. This year, it distributed all of its accounting income and $5,000 from corpus, to its sole income beneficiary Kun. Huang's taxable income for the year is: a.$0. b.($300). c.($100). d. ($5,000)

The estate of Nancy Hanks reports the following information: What is the taxable estate value? $7,070,000. $7,100,000. $7,180,000. $7,420,000.

Stephen transferred $19,125 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday. What is the amount, if any, of the taxable gift? Answer is complete but not entirely correct. Amount of taxable gift $ 4,1250

The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following: Ordinary income $255,000 Long-term capital gains, allocable to corpus 76,500 Legal and accounting fees, allocable to corpus 12,750 a.  How much income is each beneficiary entitled to receive? b.  What is the trust's DNI? c.  What is the trust's taxable income? d.  How much gross income is reported by each of the beneficiaries?

Determine the correct value for each of the following questions: 1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist and still not incur any estate tax?

The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following. Ordinary income $100,000 Long-term capital gains, allocable to income 30,000 Legal and accounting fees, allocable to corpus 5,000 The trust instrument allocates the capital gain to income. a.  How much income is each beneficiary entitled to receive? b.  What is the trust's DNI? c.  What is the trust's taxable income/loss?The trust's ______ (taxable income/loss)  is ____ d.  How much gross income is reported by each of the beneficiaries?