In its first tax year the vasquez estate generated 50000 of, Ask an Expert

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In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000 of tax-exempt interest income. It paid fiduciary fees of $8,000. The estate is subject to a 35% marginal estate tax rate and a 40% marginal income tax rate. How should the executor assign the deductions for the payment of the fees?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91697546

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