Question

The Sterling Trust owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the Sterling depreciation on her Form 1040? If so, how much is her deduction?
Sterling’s taxable income from the business .......... $ 800,000
Sterling’s gross income from the business ........... 4,000,000
Mona’s share of trust accounting income ............ 500,000
Total trust accounting income ................. 2,500,000
Mona’s share of distributable net income ............ 1,200,000
Total distributable net income .................. 1,600,000


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  • CreatedSeptember 09, 2015
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