The Tennyson Family Trust is a discretionary trust that carries on a retail business. It had sales proceeds of $400,000, expenses when operating its business of $230,000 and it received a fully franked cash dividend of $7,000 during the year. What is the net income of the trust for the current year?
The Tennyson Family Trust is a discretionary trust that carries on a retail business. It had sales proceeds of $400,000, expenses when operating its business of $230,000 and it received a fully franked cash dividend of $7,000 during the year. What is the net income of the trust for the current year?
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 6BCRQ
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General accounting
Transcribed Image Text:The Tennyson Family Trust is a discretionary trust that
carries on a retail business. It had sales proceeds of
$400,000, expenses when operating its business of
$230,000 and it received a fully franked cash dividend
of $7,000 during the year. What is the net income of
the trust for the current year?
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