(solution) Discuss in depth the main points: Trust and estate income tax

(solution) Discuss in depth the main points: Trust and estate income tax

Discuss in depth the main points:

  • Trust and estate income tax
  • Retirement plans 
  • Exempt organizations

Your answer should be tax related, with very simple to understand wording and explanation. 

Estates and trust file income tax returns just like individuals but it has a different importance .
This is because their income is taxed at beneficiary or entity levels . Income tax accounting…