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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?jituThe entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $855,000 Dividend income, all from U.S. corporations(20% tax rate) 51,300 Interest income, City of San Antonio bonds 6,840,000 Trustee fees, deductible portion (25,650) Net rental losses, passive activity (171,000) Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $fill in the blank 1.The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $fill in the blank 2.The Federal income tax liability for the Valerio Trust is $fill in the blank 3.
- Subject: acountingA trust has $7000in interest income. $5000 in tax exempt interest income. $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principal income? 1. $0 allocable to principal; $2000 allocable to income 2. $400 allocable to principal; $1600 allocable to income 3. $1600 allocable to principal; $400 allocable to income 4. $2000 allocable to principal; $0 allocable to income! Required information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $40,530. $ b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240
- The Stoudemire Trust reports $45,200 of net investment income (NII) and $60,000 in net profits from an active business operation for 2020. Stoudemire retains all of the business profits but, under the terms of the trust agreement, distributes $17,400 cash from the NII to its sole beneficiary Marshall. Round your final answer to the nearest dollar. The trust's liability under the additional tax on NII is ${fill in the blank 1}DListen Wendy is the settlor of a discretionary trust into which she settled $300,000. Income and capital beneficiaries of the trust include Wendy and her two adult children. Wendy is also the sole trustee. Given this arrangement, who-is responsible for the tax on the income earned by the trust? hois The trustee can elect to have either the trust assume U responsibility for the tax on the income or to allocate responsibility for the tax equally to the three beneficiaries. Wendy. The trust. Wendy and her two children, in equal proportions.Havah
- For 20X1, XYZ Corporation has a Gross Income of $ 1,000,000 and a total of Ordinary and Necessary Expenses of $ 600,000. Expenses include an item of $ 50,000 for Donations. All items are presented on a tax basis. The entity has not incurred net operating losses or received dividend income. Determine the amount of deductible donations for XYZ Corporation in 20X1. Select one: O a. S45,000 O b. S35,000 O c. SO O d. $50,000AlpeshRobin, a C corporation, had revenues of $417,500 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction. Robin donated $50,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction A. $34,250 B. $35,250 C. $36,250 D. $50,000 17. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following except A. Ordinary income. B. Nontaxable return of capital. C. Capital gain. D. Capital loss 23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4. Year 4's current E&P is $10,000. On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders. Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of…