Trustee – NBC Institute

TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates

Computation of assessable income for trust beneficiaries and net assessable income in the hands of the trustee.

Question

Alhaji Oluwambe is the trustee of a Settlement created by late Chief Jongbo in favor of his four children, grandchildren, and others. He submitted the following information to Okun State Board of Internal Revenue for assessment purposes for the fiscal year ended December 31, 2014:

ii. Each beneficiary is entitled to 1/6 share of 1/3 of the distributable income.
iii. Capital allowance agreed with the tax authority was N7,350,000.

Required:

a. Compute the assessable income in the hands of each beneficiary. (14 Marks)
b. Determine the Net Assessable Income in the hands of the Trustee. (1 Mark)

Answer

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Tags: Assessable Income, Beneficiary Taxation, Trust Income, Trustee
Level: Level 2

Topic: Taxation of Trusts and Estates
Series: MAY 2017

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

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Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Question

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

Question

A Trustee occupies a fiduciary position in relation to the ………………………….

Answer

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Tags: Beneficiary, Fiduciary Duty, Law of Trusts, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

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Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

Question

“A Trust is an equitable obligation which imposes upon a person, called a trustee, a duty of dealing with the property of a deceased person over which he has control.”
You are required to explain any FOUR differences between a private trust and a public trust.
(Total 8 Marks)

Answer

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Tags: Private Trust, Public Trust, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

Question

A Trust is managed by the
A. Beneficiaries
B. Trustee
C. Person that created it
D. Court
E. Bailiff

Answer

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Tags: Beneficiaries, Estate Planning, Legal Management, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

Question

Sola was named by Mr. Olaotan Jegede in his will to hold his house for him in trust for his only son, Tommy. However, Sola is tired of Tommy’s constant nagging and wishes to be free of his duties as a trustee.

Required:
Explain FOUR ways to terminate a trust.

Answer

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Tags: Termination of Trust, Trust, Trustee
Level: Level 1

Topic: Law of Trusts
Series: MAY 2022

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

Question

Under the Trustee Investment Act, in which of the following could a trustee invest trust funds?

A. General merchandise
B. Government treasury bills
C. Import and export
D. Haulage and transport business
E. Wholesale and retail trade

Answer

Find Related Questions by Tags, levels, etc.

Tags: Investment, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2022

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

Question

a. Umoru created a private trust of which he appointed Godwin and Tohib as trustees. Tohib wants to delegate his function as a trustee to his trusted friend, Mr. Murphy, a very conscientious person, because of his busy work schedule. Godwin has declined the appointment.

Required:
State the law and advise the parties. (5 Marks)

b. The Companies and Allied Matters Act (CAMA) provides for the appointment of company auditors.

Required:
State FIVE persons disqualified from being company auditor. (5 Marks)

c. The deployment of technology has greatly improved commerce.

Required:
Explain TWO types of the following e-commerce contracts:
i. Click-through
ii. Shrink-wrap
iii. Browse-wrap (5 Marks)

d. When a person dies intestate, the court may appoint persons to manage his estate.

Required:
State FIVE duties of personal representatives of a person who died without a will. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor, Company Law, E-Commerce Contracts, Intestate Succession, Personal Representatives, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2023

TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates

Computation of assessable income for trust beneficiaries and net assessable income in the hands of the trustee.

Question

ii. Each beneficiary is entitled to 1/6 share of 1/3 of the distributable income.
iii. Capital allowance agreed with the tax authority was N7,350,000.

Required:

a. Compute the assessable income in the hands of each beneficiary. (14 Marks)
b. Determine the Net Assessable Income in the hands of the Trustee. (1 Mark)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Income, Beneficiary Taxation, Trust Income, Trustee
Level: Level 2

Topic: Taxation of Trusts and Estates
Series: MAY 2017

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Question

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

Question

A Trustee occupies a fiduciary position in relation to the ………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiary, Fiduciary Duty, Law of Trusts, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

Find Related Questions by Tags, levels, etc.

Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Private Trust, Public Trust, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

Question

A Trust is managed by the
A. Beneficiaries
B. Trustee
C. Person that created it
D. Court
E. Bailiff

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiaries, Estate Planning, Legal Management, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2014

BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

Question

Required:
Explain FOUR ways to terminate a trust.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Termination of Trust, Trust, Trustee
Level: Level 1

Topic: Law of Trusts
Series: MAY 2022

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

Question

Under the Trustee Investment Act, in which of the following could a trustee invest trust funds?

A. General merchandise
B. Government treasury bills
C. Import and export
D. Haulage and transport business
E. Wholesale and retail trade

Answer

Find Related Questions by Tags, levels, etc.

Tags: Investment, Trust Law, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2022

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

Question

Required:
State the law and advise the parties. (5 Marks)

b. The Companies and Allied Matters Act (CAMA) provides for the appointment of company auditors.

Required:
State FIVE persons disqualified from being company auditor. (5 Marks)

c. The deployment of technology has greatly improved commerce.

Required:
Explain TWO types of the following e-commerce contracts:
i. Click-through
ii. Shrink-wrap
iii. Browse-wrap (5 Marks)

d. When a person dies intestate, the court may appoint persons to manage his estate.

Required:
State FIVE duties of personal representatives of a person who died without a will. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor, Company Law, E-Commerce Contracts, Intestate Succession, Personal Representatives, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2023

Question Tag: Trustee

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TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates

Computation of assessable income for trust beneficiaries and net assessable income in the hands of the trustee.

Required:

You're reporting an error for "TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q15 – Agency Law"

BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts"

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

You're reporting an error for "BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts"

BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts"

BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

You're reporting an error for "BL – May 2022 – L1 – SB – Q1b – Law of Trusts"

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

You're reporting an error for "BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts"

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts"

TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates

Computation of assessable income for trust beneficiaries and net assessable income in the hands of the trustee.

Required:

You're reporting an error for "TAX – May 2017 – L2 – SC – Q5 – Taxation of Trusts and Estates"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q15 – Agency Law"

BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts"

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts

Explain four differences between private trust and public trust.

You're reporting an error for "BL – Nov 2014 – L1 – SB – Q5a – Law of Trusts"

BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts

Identify who manages a Trust.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q20 – Law of Trusts"

BL – May 2022 – L1 – SB – Q1b – Law of Trusts

Explain four ways to terminate a trust.

You're reporting an error for "BL – May 2022 – L1 – SB – Q1b – Law of Trusts"

BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts

Identifying where a trustee can invest trust funds under the Trustee Investment Act.

You're reporting an error for "BL – Nov 2022 – L1 – SA – Q19 – Law of Trusts"

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts"

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