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59. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
60. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
61. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
62. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
63. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
64. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
65. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
66. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
67. The executor of the Estate of Kate Tweed discovered the following assets
(at fair value):
68. An inter vivos trust was created by Isaac Posney. Isaac owned a large
department store in Juggins, Utah. Adjacent to the store, Isaac also owned a
tract of land that was used as an extra parking lot when the store was having a
sale or during the Christmas season. Isaac expected the land to appreciate in
value and eventually be sold for an office complex or additional stores.
Isaac placed the land into a charitable lead trust which would hold the land for
ten years until Isaac's son would turn 21. At that time, title would be transferred
to the son. The store will pay rent to use the land during the interim. The income
generated each year from this usage will be given to a local church. The land was
currently valued at $416,000.
During the first year of this arrangement, the trustee recorded the following cash
transactions:
Required:
Prepare all required journal entries for this trust fund including the entry to
create the trust.
69. During the current year, an estate generates the following income
amounts: Rental income $10,000, Interest income 4,000, Dividend income 6,000.
The rental income is conveyed immediately to the beneficiary stated in the
decedent's will. Dividends of $2,000 are donated to the decedent's church. What
amount of federal income tax must be paid by the estate?
