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question the allwardt trust is a simple trust that correctly uses the calendar year 4290513

Question

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.

Ordinary income

$100,000

Long-term capital gains

30,000

Trustee commission expense, allocable to corpus

5,000

 

 

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