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

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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