Question 1. Summarize the Federal income tax rules that apply to a trust or es

1. Summarize the Federal income tax rules that apply to a trust or estate concerning the alternative minimum tax. Include comments about the applicable tax rates, and any personal exemption.

2. Consider the term fiduciary accounting incomeas it is used with respect to the Federal income taxation of trusts and estates. How is this amount computed? Where is it used in computing the parties’ taxable incomes?

3. The Moot Trust distributes an asset to its income beneficiary that shows a realized gain. What are the Federal income tax consequences of the distribution? What if the asset shows a realized loss?

4. The Gibson Estate is responsible for collecting outstanding income amounts and paying the remaining obligations of Juanita Gibson, the deceased. How does Federal income tax law treat these items? Hint: Define and use the term income in respect of a decedentin your answer.

5. TheCircle Trustreportssome exemptinterest incomefor theyear. Howdoes thisinvestmentincome affect

Circle’sdeductionof itsfiduciaryfees? Charitablecontributions?

6. The DaSinzi Estate has two equal income beneficiaries (Rollo and Luisa) and one remainder beneficiary (Coco). The estate operates a business and generates cost recovery deductions. Which taxpayer(s), if any, can deduct these items, e.g., the deceased, the estate, Rollo, Luisa, or Coco?

7. Consider the term distributable net incomeas it is used with respect to the Federal income taxation of trusts and estates. How is this amount computed? Where is it used in computing the parties’ taxable incomes?

8. Does the estate or trust’s distributable net income always equal its deduction for distributions to beneficiaries? Are the two amounts ever equal in amount? Answer for estates, simple trusts, and complex trusts.

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