following the death of Darren alba in 2022, the Estate of the Late Darren Alba reported trust net income of $200,000 for the 2023 income year. The trust deed specified that 50% of trust income was to be distributed to Darren's widow Cindy and 25% to his son Brock (aged 19) with the balance to be retained in the trust. which of the following specifies the correct tax treatment of trust income from the above information? A) Cindy will be assessed on $1,00,000 under section 97 b) The trustee will withhold tax from Brock's entitlement of $50,000 c) The trsutee will be assessed on $50,000 under section 99A d) all of the trust's net income must be allocate for the 2023 income year
following the death of Darren alba in 2022, the Estate of the Late Darren Alba reported trust net income of $200,000 for the 2023 income year. The trust deed specified that 50% of trust income was to be distributed to Darren's widow Cindy and 25% to his son Brock (aged 19) with the balance to be retained in the trust. which of the following specifies the correct tax treatment of trust income from the above information? A) Cindy will be assessed on $1,00,000 under section 97 b) The trustee will withhold tax from Brock's entitlement of $50,000 c) The trsutee will be assessed on $50,000 under section 99A d) all of the trust's net income must be allocate for the 2023 income year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:following the death of Darren alba in 2022, the Estate of the Late Darren Alba reported trust net income of $200,000 for
the 2023 income year. The trust deed specified that 50% of trust income was to be distributed to Darren's widow Cindy
and 25% to his son Brock (aged 19) with the balance to be retained in the trust. which of the following specifies the
correct tax treatment of trust income from the above information? A) Cindy will be assessed on $1,00,000 under section
97 b) The trustee will withhold tax from Brock's entitlement of $50,000 c) The trsutee will be assessed on $50,000 under
section 99A d) all of the trust's net income must be allocate for the 2023 income year
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