Fong Lee owns a rental property worth $5,000,000. Upon his death, all his property will...
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Fong Lee owns a rental property worth $5,000,000. Upon his death, all his property will be under the trust business and as per his final will he has appointed a trustee Mr. Tom Lee, who will manage his property and allocate equally to his married wife (Ann Lee) and 3 children name Ken lee, Chong lee, Florence Lee. On 1stJanuary 2017, he died in an accident.
Trust has
Rental income of $110000 each year from his property. With respect to rental property he incurred cost of insurance $6000, depreciation cost $10000, rates of $3300, lease cost of $8000.
Investment in local finance company worth $500,000 earning interest of 10% yearly.
Investment in a tour business from where net earning is $48000 for 2020.
Required
i) Complete the income tax return (form E) for trusts and estates for 2020 for Fiji.
ii) Prepare the Income tax return for each beneficiary for 2020 for Fiji.
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