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Leah Pasternak

Federal Taxation ACC317


Chapter 28: Income Taxation of Trusts and Estates
Homework Submission
20.

Ordinary income
Net passive income
Personal exemption
Deductible fees
Taxable income

$500,000
50,000
(600)
(15,000)
$534,400

2013 income tax on $534,400


Tax on dividend income (at 15%)
Total tax

$211,583
4,500
$216,083

24a. $50,000
b. $15,000
c. $95,000
d. $47,500
25a. $65,000
b. $125,000
c. ($300)
d. $62,500
28. Both Brenda and Del would receive $10,000 in dividend income, $5,000 in taxable interest income,
$1,250 in exempt interest income and $3,750 in passive income.
29a. $60,000
b. $113,900
c. $48,000
d. $87,456

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