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Question - During the year ending December 31, 2019, the Stark family trust received actual eligible dividends (38% gross-up) from publicly traded Canadian corporations in the amount of $400,000. In addition, it received actual non-eligible dividends (15% gross-up) from the family owned Canadian controlled private corporation in the amount of $100,000. Its only other source of 2019 income was a capital gain of $80,000 on a disposition of investments in publicly traded equity securities.
The only beneficiary of the trust is the family's 19 year old son, Michael Stark. During 2019, $150,000 of the dividends from public companies and $50,000 of the dividends from the family's private company, and 1/2 of the capital gain were NOT distributed to Michael.
Required - Indicate the tax effects of on 2019 Net Income for Tax Purposes for both Michael and the trust?
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