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About the Business category [Business] (1)
Coronado Industriesis contemplating the replacement of an old machine with a new one. The following information has been gathered: [Accounting & Taxation] (1)
A company that reports a discontinued operation or an extraordinary item must also report earnings per share for each of these line items in the notes to the financial statements [Accounting & Taxation] (4)
Which of the following diagrams represents the cardinality pairs in a situation where goods don't have to be requisitioned, but if they are, requisitions are approved and processed before purchase orders are issued? [Accounting & Taxation] (3)
An ideal PM system is __________, which means that performance is evaluated and feedback is given on an ongoing basis, the appraisal meeting consists of two-way communication, and performance standards are clear [Management] (2)
By offering the same basic product worldwide, firms help to create a global market [Introduction to Business] (2)
Your client Ming is a complex trust that operates exclusively in the U.S. Make a list of five or more tax planning opportunities that you might suggest to Ming [Accounting & Taxation] (3)
You are responsible for the Federal income tax filings of the Tyrone Trust. Summarize the relevant due dates and filing requirements for Tyrone [Accounting & Taxation] (3)
Marcus has been determined to be a grantor trust by the IRS. Your partner explains that this probably happened because the donor of the trust assets retained excessive powers over the operation of the trust or the use of its assets and income [Accounting & Taxation] (3)
Olsen has been determined to be a grantor trust by the IRS. What are the tax consequences of this tax status? What are the tax return filing requirements for Olsen and for Peggy, the donor of the trust's assets? [Accounting & Taxation] (3)
Your client Pryce is one of the income beneficiaries of the Santiago Trust. Pryce says to you, "I want all of the exempt interest income from Santiago to be allocated to me, as I am the income beneficiary who is subject to the highest marginal Federal income tax rate.". How do you respond to Pryce's request? [Accounting & Taxation] (3)
List and discuss the three major functions of distributable net income (DNI) as that amount is used under Federal income tax law [Accounting & Taxation] (3)
The Yeoman Trust has generated several Federal income tax credits for this tax year [Accounting & Taxation] (3)
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 [Accounting & Taxation] (3)
Consider the term distributable net income as 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? [Accounting & Taxation] (3)
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? [Accounting & Taxation] (3)
The Circle Trust reports some exempt interest income for the year. How does this investment income affect Circle's deduction of its fiduciary fees? Charitable contributions? [Accounting & Taxation] (3)
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 decedent in your answer [Accounting & Taxation] (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? [Accounting & Taxation] (3)
Consider the term fiduciary accounting income as 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? [Accounting & Taxation] (3)
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 [Accounting & Taxation] (3)
Tax professionals use the terms simple trust and complex trust when dealing with fiduciary arrangements. How does one know whether a trust is "simple" or "complex?" When is this determination made? [Accounting & Taxation] (3)
Identify the parties that are present when an estate is created, and their key duties. Then do the same for a trust [Accounting & Taxation] (3)
List at least three non-tax reasons that you might suggest to your client Connie that she should consider shifting some income and assets to a trust [Accounting & Taxation] (3)
The Federal income taxation of a trust or estate has been described as a "modified pass-through" system. Compare fiduciary income tax rules to those that apply to LLCs and to individuals [Accounting & Taxation] (3)
Beginning with its ____________________ tax year, an estate must remit quarterly Federal estimated income tax payments [Accounting & Taxation] (3)
Beneficiary information concerning a trust's income and distributions are conveyed on Schedule ____________________ of the Form 1041 [Accounting & Taxation] (3)
The Form 1041 of a calendar-year trust is due on ____________________ 15 (not including extensions) of the following year [Accounting & Taxation] (3)
A Form 1041 must be filed by a trust that has $____________________or more gross income for the tax year [Accounting & Taxation] (3)
Dexter established a divorce trust to benefit his ex-wife Jena. The accounting income of the trust is distributed to Jena, in satisfaction of the year's alimony obligation. Under Subchapter J rules, ____________________, (Dexter, Jena) and not the trust, is taxed on the amount of the distribution [Accounting & Taxation] (3)