Discretionary distributions from corpus

Assignment Help Accounting Basics
Reference no: EM13127059

Apple Trust reports net accounting income of $40,000, all from taxable sources. The trustee is required to distribute $15,000 annually to Megan. The trustee also makes discretionary distributions of $30,000, $7,500 to Megan and $22,500 to Caroline. The trust pays $5,000 of the discretionary distributions from corpus. What is the taxable amount of the Megan's tier 2 distribution?

a. $7,500

b. $6,250

c. $15,000

d. $22,500

Reference no: EM13127059

Questions Cloud

How many grams of calcium chloride should be formed : How many grams of calcium chloride should be formed from the reactions of hydrochloric acid and calcium hydroxide? If the reaction in 2.4 only produces 3.0 g calcium chloride, calculate the percentage yield of calcium chloride.
How many milliliters of coffee can be obtained : A pound of coffee beans yields 40 cups of coffee (4 cups = 1 ). How many milliliters of coffee can be obtained from 1.0 of coffee beans?
Ellipses and parametric equations : Graph by hand the curve whose parametric equations are given and show its orientation. Find the two different parametric equations for the rectangular equation
Provide the entry for the issuance assuming the par value : Provide the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for ..
Discretionary distributions from corpus : The trust pays $5,000 of the discretionary distributions from corpus. What is the taxable amount of the Megan's tier 2 distribution?
How many grams of this gasoline would fill a 15.6 gal tank : A particular brand of gasoline has a density of 0.737 g/mL. How many grams of this gasoline would fill a 15.6 gal tank?
Explain thermal equilibrium : Thermal equilibrium, 10.0g of Fe(s) at 98.0 degrees Celsius is placed in 50.0mL of H2O(l) at 20 degrees Celsius
What volume would it occupy : If the methane contained in 4.00 L of a saturated solution at 25 C was extracted and placed under STP conditions, what volume would it occupy?
Explain supercritical fliud : Define Supercritical fliud. Give an example and it's properties. Which fundemental thermodynamic property is important to the solubility

Reviews

Write a Review

Accounting Basics Questions & Answers

  Missing closing entry

Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010 cash dividends of $60,000 were paid and a stock dividend of $40,000 was issued.

  Calculate the equivalent units of production

There were 1,100 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weight..

  Amortization deduction for the year of purchase

Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.

  Amounts of components of pension expense

Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. Determine the amounts of the components of pension expense t..

  Determining time value of money

You just turned 25. you plan on saving a equal amount in your 401K at the of each year for 40 years (your 65th birthday). You expect to earn 9% pa during this time frame.

  Return and risk of small-company stocks

Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.

  Are state budgets required to be published

What is the difference between collecting taxes and paying taxes?

  Value common stock issued and outstanding

Dillon Corporation splits its common stock 2 for 1, when the market value is $40 per share. Prior to the split, Dillon had 50,000 shares of $10 par value common stock issued and outstanding. After the split, the par value of the stock:

  General journal entries for beverly crusher

Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

  Issuance of bonds and payment of interest

On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record

  Prepare an income statement and a balance sheet

Using the information, prepare an income statement and a balance sheet for the Parsons Corporation.

  What would be the future value

Find the future value of $10,000 invested now after five years if annual interest rate is 8 percent.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd