This year, the Jackson Miller Trust earned the following: . $4,000 in ordinary dividends. • $500 in interest income. • $1,500 in municipal interest. The only expenses were $1,000 in fiduciary fees. What portion of the fiduciary fees are deductible? $1,000 O $750 O $667 O $0
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- A trust has $7000 in interest income, $5000 in tax exempt interest income, $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principle an income?A trust has the following results for the current year: Capital gains $100,000 Capital losses $20,000 The trust has available net capital losses of $35,000 incurred in the previous year. Determine the maximum amount that can be allocated to a beneficiary.A trust has $7000in interest income. $5000 in tax exempt interest income. $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principal income? 1. $0 allocable to principal; $2000 allocable to income 2. $400 allocable to principal; $1600 allocable to income 3. $1600 allocable to principal; $400 allocable to income 4. $2000 allocable to principal; $0 allocable to income
- Suppose that in the past year your only deductible expenses were $2000 in mortgage interest and $5000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Choose the correct answer below. O A. $6100, because that is the sum of the deductible expenses O B. $6100, because that is the standard deduction OC. $7000, because that is the sum of the deductible expenses O D. $13,100, because that is the sum of the deductible expenses and the standard deduction O E. S7000, because that is the product of the deductible expenses O F. $13,100, because that is the product of the deductible expenses and the standard deduction1. The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fundA non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000
- RST Charities received equities securities valued at $100,000 as an unrestricted gift. At year end, the securities had a fair market value of $110,000. By what amount did these transactions increase RST's net assets? A.) $100,000 B.) $105,000 C.) $110,000 D.) $115,000The records of the taxpayer show the following: Gross income P500,000 50,000 Capital gain Allowable operating expenses 200,000 30,000 Capital loss 60,000 Loss on business assets 90.000 NOLCO (from last year) How much shall form part of the ordinary allowable itemized deductions from gross income? O P200,000 O P260,000 P290,000 O P380,0004. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
- . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 20,000 Unpaid salaries 50,000 Amortization of interest expense 10,000 Under cash basis, how much is the total deductible expense?A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance? Depreciation recapture income $21,000 Payroll tax penalty 4,200 Tax-exempt interest 5,700 Nontaxable life insurance proceeds 3,900 Insurance premiums paid (nondeductible) 2,900 Charitable contributions 17,000 a.$23,300. b.$1,300. c.$6,700. d.$27,500.