09 May WHICH OF THE FOLLOWING ARE ADJUSTMENTS TO THE ESTATE’S/TRUST’S TAXABLE INCOME IN ARRIVING AT DNI?
41. Which of the following is not part of accounting principala. original trust/estate assets.b. capital gains.c. stock dividends.d. return of capital.42. The trustee of Bill’s trust is required to pay to Bill’s wife $20 000 per year and at the trustee’s discretion may distribute trust income or principal to the other trust beneficiary Bill’s son. In 2016 the trustee has DNI of $40 000. The trustee distributes $20 000 to Bill’s wife and $50 000 to Bill’s son. How much is Bill’s son taxed on for 2016?a. $25 000b. $20 000c. $10 000d. $15 00043. The personal representative of Bill’s estate received the following items in the current tax year. All of the following are considered taxable income excepta. money damages from a personal injury lawsuit Bill had filed but was settled after his death.b. income from a partnership.c. interestd. dividends.44. Which of the following are adjustments to the estate’s/trust’s taxable income in arriving at DNI?a. the distribution deduction is subtracted.b. the personal exemption is subtracted.c. tax exempt interest (if any) is subtracted.d. none of the above is a correct adjustment.45. All distributions to beneficiaries from estate/trust income or principal(corpus)a. will subject the beneficiaries to taxation but only if the distributions are mandatory.b. may subject the beneficiaries to taxation even if from principal but only if the personal representative/trustee so elects.c. may subject the beneficiaries to taxation only to the extent of FAI.d. may subject the beneficiaries to taxation to the extent of DNI.41.
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