Questions from Federal Taxation

Q: Comment on the following items relative to tax planning strategies of a

Comment on the following items relative to tax planning strategies of a fiduciary entity. a. To reduce taxes for a typical family, should income be shifted to a trust or from a trust? Why? b. From a t...

Q: A local bank has asked you to speak at its Building Personal

A local bank has asked you to speak at its Building Personal Wealth Conference on the topic of “What Should Your Trust Do for You?” Develop at least four PowerPoint slides, each one listing a function...

Q: In general terms, describe how the following entities are subject to

In general terms, describe how the following entities are subject to the Federal income tax. (Answer only for the entity, not for its owners, beneficiaries, etc.) a. C corporations (Subchapter C). b....

Q: Your college’s accounting group has asked you to give a 10-

Your college’s accounting group has asked you to give a 10-minute speech titled “Trusts, Estates, and the AMT.” The audience will be students who have completed at least one course concerning Federal...

Q: Create a fact pattern that illustrates each of the following tax situations

Create a fact pattern that illustrates each of the following tax situations. Be specific. a. A simple trust. b. A complex trust with a $300 personal exemption. c. A complex trust with a $100 personal...

Q: Using Exhibit 28.4 as a guide, describe the computation

Using Exhibit 28.4 as a guide, describe the computation of a fiduciary entity’s accounting income, taxable income, and distributable net income. Exhibit 28.4

Q: Discuss the concept of statutes of limitations in the context of the

Discuss the concept of statutes of limitations in the context of the Federal income tax law. a. Who benefits when the statute applies—the government, the taxpayer, both? b. What happens when the statu...

Q: The Allwardt Trust is a simple trust that correctly uses the calendar

The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust’s annual accounting income in shares of...

Q: Assume the same facts as in Problem 22, except that the

Assume the same facts as in Problem 22, except that the trust instrument allocates the capital gain to income. Facts from Problem 22 The Allwardt Trust is a simple trust that correctly uses the calen...

Q: The Kilp Sisters Trust is required to distribute $60,000

The Kilp Sisters Trust is required to distribute $60,000 annually equally to its two income beneficiaries, Clare and Renee. If trust income is not sufficient to pay these amounts, the trustee can inva...