The Federal transfer taxes generally apply a flat rate of:

This year, the Nano Trust reported $75,000 entity accounting income and $70,000 distributable net income (DNI). Nano distributed $90,000 cash to Horatio, its sole income beneficiary. Nano is a simple trust. Nano’s distribution deduction is:

Ling and Jiang are unrelated and equal joint tenants in a plot of land. Ling died this year. Ling’s share of the land goes to:

The Federal transfer taxes are applied in a manner that is:

The Federal transfer taxes generally apply a flat rate of:

Ling and Jiang are unrelated and equal joint tenants in a plot of land. Ling died this year. Ling’s share of the land goes to:

Which, if any, of the following statements does NOT correctly reflect the rules applicable to the alternate valuation date?

In which, if any, of the following independent situations can the alternate valuation date be elected? (A) Value of gross estate Date of death = $6,000,000 Alternate date = $6,100,000 Estate tax result Date of death = $400,000 Alternate date = $390,000 (B) Value of gross estate Date of death = $6,200,000 Alternate date = $6,300,000 Estate tax result Date of death = $500,000 Alternate date = $490,000 (C) Value of gross estate Date of death = $6,100,000 Alternate date = $6,000,000 Estate tax result Date of death = $390,000 Alternate date = $380,000 (D) Value of gross estate Date of death = $5,900,000 Alternate date = $5,800,000 Estate tax result Date of death = $400,000 Alternate date = $405,000

The Federal transfer taxes are applied in a manner that is:

Which of the following is not true about the distributable net income (DNI) of a fiduciary taxpayer?