question the allwardt trust is a simple trust that correctly uses the calendar year 4290513
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
For the current tax year, Allwardt reports the following.
The trust instrument allocates the capital gain to income.
a. Each beneficiary is entitled to receive income of $65000
b. The trust's DNI is $125,000
c. The trust's loss is $_____
d. Each of the beneficiaries can report $______ of gross income.