Required: Discuss the income tax implications arising from the facts below relating to the Taylor Family Discretionary Trust. Brittney is the trustee of the Taylor Family Discretionary Trust. The beneficiaries include Brittney herself and the members of her family. For the current year, the trust earned rental income of $90,000 and dividend income (unfranked) of $30,000. The trust also during the tax year paid interest of $20,000 on the loan used to purchase its rental property. During the current tax year, it made the following distributions: ● $30,000 to Carrie (Brittney's daughter), a 24-year-old beneficiary. $10,000 to Brittney herself $5,000 to Jim (Brittney's son), a 17 year old beneficiary.

Required: Discuss the income tax implications arising from the facts below relating to the Taylor Family Discretionary Trust. Brittney is the trustee of the Taylor Family Discretionary Trust. The beneficiaries include Brittney herself and the members of her family. For the current year, the trust earned rental income of $90,000 and dividend income (unfranked) of $30,000. The trust also during the tax year paid interest of $20,000 on the loan used to purchase its rental property. During the current tax year, it made the following distributions: ● $30,000 to Carrie (Brittney's daughter), a 24-year-old beneficiary. $10,000 to Brittney herself $5,000 to Jim (Brittney's son), a 17 year old beneficiary.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Qw60.

Required: Discuss the income tax implications arising from the facts below relating
to the Taylor Family Discretionary Trust.
Brittney is the trustee of the Taylor Family Discretionary Trust. The beneficiaries
include Brittney herself and the members of her family.
For the current year, the trust earned rental income of $90,000 and dividend income
(unfranked) of $30,000.
The trust also during the tax year paid interest of $20,000 on the loan used to
purchase its rental property.
During the current tax year, it made the following distributions:
• $30,000 to Carrie (Brittney's daughter), a 24-year-old beneficiary.
$10,000 to Brittney herself
$5,000 to Jim (Brittney's son), a 17 year old beneficiary.

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