R5 Flashcards
An Executor of a decedents estate has to file a fiduciary income tax return if the estates income is atleast…
$600 or more , the beneficiaries have to be US citizens
What is the standard deduction for a trust or an estate?
There is none! Got you!
Taxable period options for
1) estate
2) trust
3) tax exempt trust
1) Can chose any taxable period
2) The calendar year
3) could chose any
What is a grantor trust?
When the creator is treated as the owner also
Are transfers between husband and wide Taxable?
no
Whats an advanntage of an LLC over an S Corp
LLC’s could distribute appreciated property to their owners tax free.
How are losses from 1244 Small business stock treated
The first 50,000 (100,000 for married filing jointly) is considered ordinary loss, and the rest is considered capital loss.
is partnership income taxable to the partners even if it was not distributed?
yes!
When is the value of fringe benefits included in an S-corp’s Shareholders taxable income?
When he owns 2% or more of the companies shares.
