Leah Pasternak

Federal Taxation ACC317

Chapter 28: Income Taxation of Trusts and Estates
Homework Submission

20. Ordinary income $500,000
Net passive income 50,000
Personal exemption (600)
Deductible fees (15,000)
Taxable income $534,400

2013 income tax on $534,400 $211,583
Tax on dividend income (at 15%) 4,500
Total tax $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