AAFM CTEP Exam - Topic 1 Question 71 Discussion

Actual exam question for AAFM's CTEP exam

Question #: 71
Topic #: 1

[All CTEP Questions]

Which of the following incomes are not included for computation of taxable income of a Trust/ Society?

AAll except (i)

BAll except (iv)

CAll except (ii)

DAll of the above

Show Suggested Answer

Suggested Answer: D

by Linwood at Oct 28, 2025, 01:18 PM

Limited Time Offer

25%

Off

Get Premium CTEP Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Rossana

4 months ago

D) All of the above is too broad. I doubt that one.

upvoted 0 times

...

Lezlie

5 months ago

I’m leaning towards C) All except (ii). It makes sense.

upvoted 0 times

...

Tabetha

5 months ago

I feel like A) All except (i) could be right too.

upvoted 0 times

...

Katheryn

5 months ago

I think it's B) All except (iv). Seems logical.

upvoted 0 times

...

Johanna

6 months ago

I’m surprised this is even a question!

upvoted 0 times

...

Katie

6 months ago

I agree, (i) is the right choice!

upvoted 0 times

...

Luis

6 months ago

Wait, is this a trick question or something? I'm gonna have to think about this one a bit more.

upvoted 0 times

...

Allene

6 months ago

Haha, this question is a piece of cake! Option B is the way to go, no doubt about it.

upvoted 0 times

...

Lindsey

6 months ago

All of the above? Really? That seems too easy. I'm going with option A.

upvoted 0 times

...

Elsa

6 months ago

Hmm, I'm not so sure about that. I think option C might be the right one.

upvoted 0 times

...

Lili

7 months ago

I’m confused about the specifics of each option. I wish I had reviewed the definitions of taxable income more thoroughly.

upvoted 0 times

...

Paris

7 months ago

I have a vague recollection that all except (i) could be the answer, but I can't quite recall the details.

upvoted 0 times

...

Fidelia

7 months ago

This question seems similar to one we practiced about exempt income for NGOs. I feel like option B might be the right choice.

upvoted 0 times

...

Azalee

7 months ago

Wait, are we sure about that? Seems off.

upvoted 0 times

...

Shantell

7 months ago

Option B looks good to me. I'm pretty sure that's the correct answer.

upvoted 0 times

...

Nicolette

8 months ago

It's definitely all except (i) for sure.

upvoted 0 times

...

Von

8 months ago

I thought it was all except (iv)?

upvoted 0 times

...

Kirby

8 months ago

I think I remember that certain incomes are exempt, but I'm not sure which ones specifically.

upvoted 0 times

...

Cristal

8 months ago

I've got a strategy - I'll start by identifying the incomes listed, then determine which one is the exception that is not included in taxable income.

upvoted 0 times

...

Nathalie

9 months ago

I'm a bit confused on the distinction between Trust and Society incomes. I'll need to double-check my understanding there.

upvoted 0 times

...

Jules

9 months ago

Okay, let's see. I'm going to read through each option and eliminate the ones that don't fit.

upvoted 0 times

...

Lashanda

9 months ago

Hmm, this looks tricky. I'll need to carefully review the options and think through which incomes would be excluded.

upvoted 0 times

...

Georgiann

9 months ago

I think I can handle this one. The key is to focus on the specific incomes that are not included in taxable income for a Trust/Society.

upvoted 0 times

Lashaunda

4 months ago

I’m leaning towards A as well.

upvoted 0 times

...

Dierdre

4 months ago

What about D? Could it be all of them?

upvoted 0 times

...

Vi

4 months ago

C seems plausible too.

upvoted 0 times

...

Nell

4 months ago

I think B is the right choice.

upvoted 0 times

...

Mable

7 months ago

I believe it's option A.

upvoted 0 times

...