Which of the following is true statement regarding the taxation of interest and

Question

Which of the following is true statement regarding the taxation of interest and dividends on a fiduciary income tax return Only interest and dividends not treated as distributed to the beneficiaries should be reported Interest and dividends received in the year of the decedents death are reported on their 1040 If a trust receives municipal bond interest it must allocate administrative expenses between taxable and tax exempt Brokers are required to issue consolidated form 1099 to trust by January 31 rather than February 15 Which of the following is true statement regarding the taxation of interest and dividends on a fiduciary income tax return Only interest and dividends not treated as distributed to the beneficiaries should be reported Interest and dividends received in the year of the decedents death are reported on their 1040 If a trust receives municipal bond interest it must allocate administrative expenses between taxable and tax exempt Brokers are required to issue consolidated form 1099 to trust by January 31 rather than February 15 Only interest and dividends not treated as distributed to the beneficiaries should be reported Interest and dividends received in the year of the decedents death are reported on their 1040 If a trust receives municipal bond interest it must allocate administrative expenses between taxable and tax exempt Brokers are required to issue consolidated form 1099 to trust by January 31 rather than February 15

Explanation / Answer

answer is (c) If a trust receives municipal bond interest it must allocate administrative expenses between taxable and tax exempt is true statement

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