09 May WHICH OF THE FOLLOWING ARE SUBJECT TO THE 2% MISCELLANEOUS ITEMIZED DEDUCTIONS FLOOR?
30. Which of the following are subject to the 2% miscellaneous itemized deductions floor?a. attorney fees.b. fiduciary fees.c. CPA fees.d. none of the above.31. A simple trust has ordinary gross taxable income of $30 000(current FAI).It also has $5 000 of capital gains allocated to trust principal. It pays a trustee fee of $5 000 which the trust agreement directs must be paid from trust principal. How much is the trust’s accounting income (FAI)?a. $20 000.b. $30 000.c. $25 000.d. $15 000.32. Which of the following statements is incorrect?a. The income tax rates applied to trusts and estates are highly compressed compared to income tax rates for individuals.b. Form 1041 is the income tax return for most types of trusts and estates.c. Form 1041 illustrates the conduit theory of income taxation since all taxable income received by an estate or trust is taxed twice like a C corporation.d. The taxation of estates and trusts is governed by Subchapter J of the Internal Revenue Code.33. Which of the following statements is incorrect?a. The section 645 election allows a qualified revocable trust to choose a fiscal income tax year.b. The section 645 election is not available if there is a charitable beneficiary.c. The section 645 election is available in the absence of an estate provided a qualified revocable trust exists.d. The section 645 election is available to estates and trusts.34. If no federal estate tax is required for a decedent’s estatea. the section 645 election period can be renewed by the personal representative for a period not exceeding 6 months.b. the section 645 election period ends when the local probate court enters its order discharging the personal representative.c. the section 645 election begins on date of death.d. alternate valuation of a decedent’s assets can still be elected.
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