Jordan Ashby’s Post

Can you answer this tax question... Trust Y has taxable interest and dividends of $9,000 and tax exempt interest of $1,000. The only expense the trust incurred was a trustee fee of $500. Based on this information, what amount of adjusted tax-exempt interest is included in the trust's distributable net income? A. $8,550. B. $500. C. $950. D. $1,000. Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... If a trust has adjusted total income of $10,000, distributable net income of $11,000, and $12,000 is required to be currently distributed, what is its income distribution deduction? A. $11,000 B. $12,000 C. $2,000 D. $10,000 Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... Payments made by a partnership to a partner that are determined without regard to the partnership income are called: A. Guaranteed payments B. Minimum payments C. Ordinary income D. Capital gains Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... ABC Trust had the following income and deductions: * Taxable interest $5,000 * Capital gain $1,000 * Fiduciary fee $700 The trust had no tax exempt income for the year. Per the trust instrument, capital gains are not allocated to corpus. What is the distributable net income (DNI)? A. $6,700 B. $6,300 C. $5,300 D. $4,700 Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... Trust B has distributable net income of $60,000, which includes $5,000 of tax-exempt income. The trustee distributed $75,000 to the trust's sole beneficiary. What amount will be shown as the distribution deduction on the trust's Form 1041? A. $55,000. B. $60,000. C. $70,000. D. $75,000. Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... The computation of distributable net income of a trust takes into account which of the following items? A. Income distribution deduction B. Exemption C. Tax-exempt interest D. All of the above Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... John created a simple trust in 1996 which provides that the income from the trust will be payable to his son, Joey (age 16) for 12 years. At the end of the 12 years the principal will revert back to John. Which of the following statements is false regarding this trust? A. The income from the trust is taxed to Joey. B. Any capital gains are taxed to John. C. The income distribution deduction does not include the capital gains. D. None of the above, Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... Western Enterprises, a general partnership, distributed $8,000 cash to Peter during the year. His adjusted basis (including his share of liabilities) in his partnership interest at the beginning of the year was $9,500. Peter's share of the partnership's taxable loss for the year was $1,000. What was Peter's ending basis in partnership interest? A. $ 500 B. $1,000 C. $1,500 D. $ -0- Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... The adjusted basis of Rebecca's partnership interest is $17,500. She received a distribution of $9,000 cash and a piece of land with an adjusted basis of $2,500 and a fair market value of $4,000. What is the gain to be recognized at the time of these distributions? A. $1500. B. $-0-. C. $4500. D. $6000. Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

Can you answer this tax question... The MLN Trust had the following income and deductions. * Taxable interest $4,000 * Capital gain $1,000 * Fiduciary fee $500 Assuming that capital gains are allocable to corpus, determine the trust's distributable net income. A. $3,500 B. $4,000 C. $4,500 D. $5,000 Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide