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English to Czech translations [PRO]
Bus/Financial - Finance (general) | | English term or phrase: complex trust | Complex Trusts
Although similar in some ways to a simple trust and an estate, a complex trust is allowed to perform activities a simple trust cannot. Therefore, a complex trust satisfies at least one of the following conditions in a tax year: (a) retain some current income; (b) provide amounts to be paid, permanently set aside, or used for charitable purposes; or (c) distribute amounts allocated to the corpus of the trust. Like a simple trust, a complex trust is allowed a deduction for income distributed to beneficiaries and is allowed a standard exemption amount of $100. Like an estate, a complex trust may deduct unlimited amounts of gross income paid to recognized charities and any other amounts that were properly paid, credited, or required to be distributed in the tax year to beneficiaries. For beneficiaries of complex trusts, like those of estates and simple trusts, income distributed to them is reflected on their personal income tax returns. |
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