AICPA每日一练之REG【2015-12-17】

高顿网校2015-12-17 12:50Lynn.yu
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Which of the following is allowed in the calculation of the taxable income of a simple trust?

a. Exemption.

b. Standard deduction.

c. Brokerage commission for purchase of tax-exempt bonds.

d. Charitable contribution.

Answer:A

Choice "a" is correct. An exemption of $300 is available for simple trusts.

Choice "b" is incorrect. There is no standard deduction for simple trusts. Standard deductions are available only for individuals.

Choice "c" is incorrect. There is no deduction for brokerage commissions to purchase tax-exempt bonds. Since the interest on tax-exempt bonds is not taxable, related investment expenses are not deductible (by any taxpayer).

Choice "d" is incorrect. There is no charitable contribution deduction for simple trusts.

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