Estate Taxes

Question 0

Tax return filling year

Answer 0

Calendar year

15 April

Fiscal year

15 th day of 4 th month ie 15 April

Question 1

Estate tax minimum exemption

Answer 1

Exceeds $600

No Standrad deduction is allowed

Question 2

Capital gain or lossess

1. Principal or revenue
2. Taxed at what level

Answer 2

Principal

Trust or estate fiduciary level

Question 3

DNI. Is the limitation on the amount the trust or estate can deduct

Answer 3

Estate ( Trust) Gross. Income inc capital gain 
Less
Estate (Trust) Deduction 
-\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
Adjusted total income 
Add adjusted tax exempt income 
Capital gain   Transfer to corpus
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Distributable net income DNI