The Yeoman Trust has generated several Federal income tax credits for this tax year. Which taxpayer(s), if any, can use these credits in computing a Federal income tax liability? (e.g., the grantor, the trust, its income beneficiaries, its remainder beneficiaries) Answer for estates, simple trusts, and complex trusts.
What will be an ideal response?
A simple trust does not claim any tax credits. An estate or complex trust claims a tax credit in proportion to the entity accounting income that it has retained. The entity's beneficiaries similarly claim tax credits in proportion to the entity accounting income that they were assigned for the tax year.
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A) retailer cooperative B) franchise organization C) area-based cartel D) sponsored voluntary chain E) alternate selling channel
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A. assumptive B. minor-points C. assertiveness D. alternative-choice E. summary-of-benefits
A 60-day note that is dated June 23 will have a maturity date of August 23
Indicate whether the statement is true or false
A payor bank is under no obligation to its customer to pay an uncertified check that is more than six months old
a. True b. False Indicate whether the statement is true or false