The Levenson Service Trust reported trust net income of $500,000 for the 2023 income year. The trust deed specified that income is to be distributed at the Trustee's discretion. During 2023, $250,000 was distributed to Brian Levenson (aged 70) and $150,000 was distributed to Fiona Levenson (aged 16).

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1 Income Reporting The Levenson Service Trust reported a net income of 500000 for the 2023 income ye... View the full answer