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Tax Professionals Use the Terms Simple Trust and Complex Trust

question 130

Essay

Tax professionals use the terms simple trust and complex trust when dealing with fiduciary arrangements. How does one know whether a trust is simple or complex? When is this determination made?


Definitions:

Overtime

Payment for hours worked by employees beyond their standard working hours, usually at a higher rate.

Cost Per Employee

The total cost incurred by a company divided by the number of its employees, often used to measure efficiency.

Annual Report

A comprehensive report detailing a company's activities and financial performance throughout the preceding year.

Wage Rate

The amount of money a worker is paid per unit of time (such as an hour) worked.

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