Gross Income Trust 15000

150000 Forrest
500000 Barrie
-200000 Barrie's business expense
Adjusted Gross Income 450000 Itemized Deductions
-38752.5 Standard Deduction 12000 SID Home Mortage Interest
0 Personal and dependency exemptions 10000 SID Real Estate Taxes
7000 SID Sales Taxes
14101 MID Business expense $20000-($6000X50%)=$17000) Excess MID 2899
43101 Total
3% phaseout excess 4348.5
0.8 34480.8
38752.5 ID after 3% phaseout
Personal and dependency exemptions 15800
Taxable Income 411247.5 Excess of AGI 144950
Dvivision 57.98
Tax 125302.5 Exemptions reduced by 1.16
Trust tax 4269.1
Tax liability 129571.6
Gross Income Trust 15000
150000 Forrest
500000 Barrie
-200000 Barrie's business expense
8000 Transfer of Foreest's car for relief of $10000 debt, taxable gain
Adjusted Gross Income 458000 Itemized Deductions
-38352.5 Standard Deduction 12000 SID Home Mortage Interest
0 Personal and dependency exemptions 10000 SID Real Estate Taxes
7000 SID Sales Taxes
13941 MID Business expense $20000-($6000X50%)=$17000) Excess MID 3059
0 MID Capital Expenditure Excess MID 3059
42941 Total
3% phaseout excess 4588.5
0.8 34352.8
38352.5 ID after 3% phaseout
Personal and dependency exemptions 15800
Taxable Income 419647.5 Excess of AGI 152950
Dvivision 61.18
Tax 128102.5 Exemptions reduced by 1.16
Trust tax 4269.1
Tax liability 132371.6 Tax Liablity Before 129571.6
Tax Savings 2800
Gross Income Trust 15000
150000 Forrest
500000 Barrie
-200000 Barrie's business expense
Adjusted Gross Income 450000 Itemized Deductions
-38752.5 Standard Deduction 12000 SID Home Mortage Interest
0 Personal and dependency exemptions 10000 SID Real Estate Taxes
7000 SID Sales Taxes
14101 MID Business expense $20000-($6000X50%)=$17000) Excess MID 2899
43101 Total
3% phaseout excess 4348.5
0.8 34480.8
38752.5 ID after 3% phaseout
Personal and dependency exemptions 15800
Taxable Income 411247.5 Excess of AGI 144950
Dvivision 57.98
Tax 125302.5 Exemptions reduced by 1.16
Trust tax 0
Tax liability 125302.5
Bo
Gross Income
2000 Earned Income Mowing Lawns
15000 Trust Income
17000
-2350 Standard Dedecution
0 Personal and dependency exemptions
Taxable Income 14650
13000 UEI=15000-2000 Parent's Tax rate 35% 4550
1650 Kid's Tax rate 15% 1743.75
Tax Liability 6293.75
Tax
Tax Liability 131596.3
Tax Liability Before 129571.6
Tax Incurred 2024.65