Question: 4: In March 2020, when the world had virtually stopped spinning due to the global pandemic, and fearing that a real-life version of his hit
4: In March 2020, when the world had virtually stopped spinning due to the global pandemic, and fearing that a real-life version of his hit movie, Dune, was upon us, Timothee Chalamet decided to plan for his future and structure a trust. As the world began to recover from the pandemic, and slowly started re-entering movie theaters, Dune I was a blockbuster success! On the heels of the financial success of Dune I, the trust incurred several receipts and fees. Accordingly, please calculate the fiduciary accounting income, federal gross income, and tentative taxable income for the following receipts: 1) $1,500 trustee commissions (allocable to income and to principal); 2) $20,000 dividends from Amazon stock; 3) $10,000 in interest paid by Zendaya for a $50,000 loan from Timothee in 2020; 4) $10,000 interest from Newark NJ municipal bonds; 5) $20,000 in proceeds from the sale of a NYC parking space that he purchased in 2018 for $40,000. Please note that this trust is required to distribute all income, currently
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