Reference no: EM131434201
FIDUCIARY INCOME TAX RETURN PROBLEM
Robert Dobbolina settled the Robert Dobbolina Irrevocable Children's Trust on February 9, 1999 (EIN: 33-898989). In 2016, the Trust had items of income and expense as follows:
Amount Allocable to
Income Principal
Qualified Dividends $30,000
Rental income from house 18,500
Charitable Gift to United Way 15,000
Tax-exempt interest 15,000
Rental expenses1 3,500
Trustee's fee 600 $ 600
Fee for preparation of tax return 500
Capital gain on sale of stock2 12,000
Distribution of income:
Jessica 18,000
Branden 9,000
Payments of estimated tax 8,600
The trust agreement appointed Mojo Bank and Trust as its trustee with broad discretionary authority, including the Trustee's authority to distribute income to Jessica and Branden during its 20-year term. The trustee has decided to allocate a portion of the estimated taxes to the beneficiaries this year. On February 9, 2019, the Trust will terminate and the assets will be distributed equally to Jessica and Branden, irrespective of any distributions the beneficiaries received during the life of the Trust (i.e. separate shares are not maintained for Jessica and Branden). The Trustee has never allocated any estimated tax payments to the beneficiaries and the Trust provides that capital gains are to be treated as "principal" by the Trustee.
Mojo Bank and Trust Jessica Dobbolina Branden Dobbolina
1234 Money Lane 6986 Shannon Street 27366 Spike Street
Slim, MI 48007 Rachel, MI 48008 Fletch, MI 48009
EIN: 33-959595 SS: 123-45-6789 SS: 987-65-4321
Please prepare the 2016 Form 1041 and any other form or schedule required for the Robert Dobbolina Irrevocable Children's Trust.
Attachment:- Assignment Files.rar
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: FIDUCIARY INCOME TAX RETURN PROBLEM. Robert Dobbolina settled the Robert Dobbolina Irrevocable Children's Trust on February 9, 1999 (EIN: 33-898989). In 2016, the Trust had items of income and expense as follows
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