Estates and trusts
A) are taxed on state and municipal bond interest.
B) are not taxed on capital gains.
C) receive a deduction for administrative expenses not otherwise deducted on the estate tax return (Form 706) .
D) receive a $1,000 personal exemption.
Correct Answer:
Verified
Q24: A trust distributes 30% of its income
Q25: A trust receives no standard deduction when
Q26: A trust is required to distribute 10%
Q27: Outline the classification of principal and income
Q28: Little Trust, whose trust instrument is silent
Q30: Yellow Trust must distribute 33% of its
Q31: List some common examples of principal and
Q32: A simple trust
A)may make charitable distributions.
B)may make
Q33: The personal exemption available to a trust
Q34: The exemption amount for an estate is
A)$0.
B)$100.
C)$300.
D)$600.
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