Ask Question
14 November, 00:28

Bonita is considering establishing a trust for her mother that will pay out $1,000 each month. The trust department at a local bank will act as trustee. Bonita will retain the right to revoke the trust and be the remainder beneficiary of the trust. If the trust earns $15,000 for the year, who must pay income tax on earnings?

+3
Answers (1)
  1. 14 November, 00:33
    0
    The Dependent or the Beneficiary collect $1000 every month pay income tax

    Explanation:

    Bonita is the policyholder that pay premium.

    The mother is the dependent and the beneficiary, who takes the trust monthly

    The bank is the trustee that disburse the trust fund to the beneficiary month.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Bonita is considering establishing a trust for her mother that will pay out $1,000 each month. The trust department at a local bank will ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers