The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June: Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000. Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%). Interest income of $12,000 received during the year. What is the s 95(1) net income of the trust for the current year ended 30 June
The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June: Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000. Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%). Interest income of $12,000 received during the year. What is the s 95(1) net income of the trust for the current year ended 30 June
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June:
- Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000.
- Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%).
- Interest income of $12,000 received during the year.
What is the s 95(1) net income of the trust for the current year ended 30 June?
|
a. |
$192,000 |
|
|
b. |
$117,000 |
|
|
c. |
$108,000 |
|
|
d. |
$262,000 |
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