User Account

All Pages

What was the estate distributable net income

Assignment Help Accounting Basics
Reference no: EM132665471

Problem - Reinus, a cash basis taxpayer, died on February 3. During the year, the estate's executor made a distribution of $12,000 from estate income to Reinus's sole heir and adopted a calendar year to determine the estate's taxable income. The following additional information pertains to the estate's income and disbursements for the year. For the calendar year, what was the estate's distributable net income (DNI)?

Taxable interest $85,000

Net long-term capital gains allocable to corpus 10,000

Administrative expenses attributable to taxable income $24,000

Charitable contributions from gross income to a public charity, made under the terms of the will 19,000

a. $39,000

b. $42,000

c. $58,000

d. $65,000

Reference no: EM132665471

Questions Cloud

What amount of the distribution was taxable : The amount currently required to be distributed by the will. The estate's records showed the following. What amount of the distribution was taxable
Explain how enlightenment philosophy : Explain how Enlightenment philosophy influenced the Framers in their drafting of these key documents.
What amount of expense will qualify for american opportunity : $500 for books, $2,500 for her dormitory room, and $2,200 for food. What amount of the expenses will qualify for the American Opportunity Credit?
Describe the concept of homeland security : Describe the concept of homeland security and its relationship to homeland defense. What is the Homeland Security Enterprise,
What was the estate distributable net income : The following additional information pertains to the estate's income and disbursements for the year. For the calendar year, what was estate distributable income
Determine the interest paid on certified indebtedness amount : MCC is $100,000, and the mortgage interest paid during the year is $6,500. Determine the interest paid on the certified indebtedness amount.
What was the leadership struggle between trotsky : Explain how the Tsar's involvement in World War I provided opportunity Bolsheviks to be a vanguard and What was the leadership struggle between Trotsky
Which a taxpayer be required to repay an education credit : The education credit he took for his son last year. For which of the following reasons would a taxpayer be required to repay an education credit?
What was the estate distributable net income : The estate executor made the required periodic distribution of $9,000 from estate income to Lyon's sole heir. What was the estate distributable net income

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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