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VA online Form 1041 (Schedule I): What You Should Know

Determination of Trust Capital, and Capital Gain on Sale of Trust. Determining the Trust Income A.) Income and expenses.  (Income and expenses on lines 5 through 21. See above for the tax forms to use.) B.) Taxable amounts in excess of capital gain. c) Amount for the Trusts and Estates, minus capital gain, from the sale of the trust. d) Taxable amount for the Trusts and Estates, minus capital gain, which is added to taxable income. e) Taxable income, less the following items: (1) Excessive exclusion; (2) Exclusion for gains on interest. (This will include the income from the trust; the interest from the trust interest is taxable separately, at the capital gains rate.) f) Exclusion for gifts of property in excess of 50,000 (which includes capital gains, if any). g) Capital gains on sale of property. h) Exemption for net gains from sale of certain real property. i) Exclusion for gain from sale of qualified farm real property. j) Exclusion for gain from sale or exchange of property used for qualified farm purposes. k) Capital gains on sale of property in retirement. l) Exclusion for certain gain on sale of qualifying securities (see line 24). Ll) Exclusion for gain from sale or exchange of qualified partnership securities. (See line 35). m) Capital gains.  n) Exclusion from gross income in excess of 100,000 (see line 37). (In other words, the beneficiary is taxed at an adjusted rate of 1/2 of the highest capital gains rate plus any applicable local or state tax. See line 31.) o) Investment income. p) Exclusion for interest on bank deposits. q) Exclusion for qualified tuition expenses. r) Distributions on the sale of property on which tax is payable. s) Exclusion for gain attributable to any sale, exchange, or other taxable disposition by a trust of property to a qualifying person for the beneficiary's benefit. (See line 37.) t) Exclusion from gross income for any amount recognized by a person to be a gain after the trust's death on the sale, exchange, or other taxable disposition by the trust. (See line 37.) u) Loss carryover for the benefit of the beneficiary. v) Loss carryover of the beneficiary.

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