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Homework answers / question archive / QUESTION 15 Julie is the beneficiary of a discretionary trust
QUESTION 15
Julie is the beneficiary of a discretionary trust. She is 20 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year.
Who is liable for tax on Julie's trust income?
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Her parents |
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Julie |
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No one |
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Trustee of the trust |
Answer:
Julie is the beneficiary of a discretionary trust. She is 20 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year.
Trustee of the trust , Trustee Liable to file Form 1041 and pay taxes accordingly.
