Accounting Question (Steve Jobs)

Attribute

Simple

Complex

Trust could incur its own tax liability for the year.

S1

C1

Trust generally distributes all of the DNI.

S2

C2

Trust can deduct its charitable contributions in the year of or the year after payment.

S3

C3

Trust could claim a foreign tax credit.

S4

C4

Maximum tax rate on LTCG = 20%.

S5

C5