A trust was formed with a transfer from the settlor consisting of shares of stock valued at $1,000,000 and bank CDs valued at $2,000,000. The trust has three beneficiaries: BenX, BenY and BenZ. Under the trust terms BenX, BenY and Benz are, respectively, a capital beneficiary, an income beneficiary and a capital and income beneficiary. During the year, the trust had taxable eligible dividends of $30,000 and interest income of $110,000. All of the dividend income and half of the interest income was allocated equally to the beneficiaries. Also during the year the trust distributed shares of stock valued at $480,000 with a cost base of $390,000 equally among the beneficiaries.

 

What was the trust's net income for tax purposes for the year? 

provide the supporting calculations in full details.