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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? The trustee can elect to have either the trust assume responsibility for the tax on the income or to allocate responsibility for the tax equally to the three beneficiaries. Wendy. The trust.

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? The trustee can elect to have either the trust assume responsibility for the tax on the income or to allocate responsibility for the tax equally to the three beneficiaries. Wendy. The trust.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sir please help me urgently
)Listen 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 O 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.
Transcribed Image Text:)Listen 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 O 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.
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