What is miguel taxable income

Assignment Help Financial Accounting

Reference no: EM13140494

The trustee of the Miguel Trust can distribute any amount of accounting income and corpus to the trust’s income beneficiaries, Paula and George. This year, the trust incurred the following.

Taxable interest income
$40,000
Tax-exempt interest income
20,000
Long-term capital gains—allocable to corpus
10,000
Fiduciary’s fees—allocable to corpus
6,000

The trustee distributed $40,000 to Paula and $40,000 to George.

1.What is Miguels trust acctg income?

2.What is Miguel's DNI?

3.What is Miguel's taxable income?

4.How much gross income is recognized by each beneficiary?

Reference no: EM13140494

Questions Cloud

Find the mileage rating that upper cars achieve : a certain model is normally distributed, with a mean of 24 mpg and a standard deviation of 1.0 mpg. find the following: The mileage rating that upper 5% of cars achieve

What is the value of kp : Calculate the equilibrium constant Kp for synthesis of HCl at 298 H2+Cl2------>2HCl

Why is it important to study genetics of an isolated species : Why is it important to study genetics of an isolated species on an island, like the wolves on Isle Royale?

Classifications of period costs : Generally, period costs are classified as either a. selling expenses or production expenses. b. administrative expense or production expenses. c. selling expenses or administrative expenses. d. general expenses or selling expenses.

What is miguel taxable income : What is Miguel's taxable income? How much gross income is recognized by each beneficiary?

What is the molarity of the malonic acid solution : A solution of malonic acid, H2C3H2O4 was standardized by titration w.1000M NaOH solution. If 20.76 mL of the NaOH solution were required to neutralize completely 13.15 mL of the malonic acid solution

What characteristics distinguish mollusks from annelids : How does the body plan of a mollusk differ from that of an annelid? What characteristics distinguish mollusks from annelids?

Are any parasitic diseases directly communicable : Are any parasitic diseases directly communicable from person to person? If so, how are they transmitted? What kinds of precautions should be taken in caring for persons with directly transmissible parasitic infections?

Find mean and standard deviation of the total revenue : A restaurant has three sources of revenue: eat-in orders, takeout orders, and the bar. What are the mean and standard deviation of the total revenue on a particular day?

User Account

All Pages