Complete Computational template for applying Five$-$Step Procedure. Determine the amount and character of the income and expense items that each beneficiary must report for the year, and prepare a Schedule K$-1$ for Marcus White. The trust is not subject to the AMT. The year's activities of the trust include the following.

Dividend income, all qualified U$.$S$.$ stocks $$10,000$

Taxable interest income $$50,000$

Tax$-$exempt interest income $$20,000$

Net long$-$term capital gain, incurred $11/1$ $$25,000$

Trustee's fees $$6,000$

Under the terms of the trust instrument, cost recovery, net capital gains and losses, and administrative fees are allocable to corpus. The trustee is required to distribute $$25,000$ to Marcus every year. For the year, the trustee distributed $$40,000$ to Marcus and $$40,000$ to Marcus's sister, Ellen Hayes. No other distributions were made.

In computing DNI, the trustee properly assigned all of the deductible trustee fees to the taxable interest income.

The trustee paid $$4,000$ in estimated taxes for the year on behalf of the trust. Any resulting refund is to be credited to the next tax year. The exempt income was not derived from private activity bonds.

The trust was created on December $14,1994.$ It is not subject to any recapture taxes, nor can it claim any tax credits. None of its income was derived under a personal services contract. The trust has no economic interest in any foreign trust. Green did not own or use any digital assets during the year. Its Federal identification number is $11-1111122.$

The trustee, Wisconsin State National Bank, is located at $3100$ East Wisconsin Avenue, Milwaukee, WI $53201.$ Marcus lives at $9880$ East North Avenue, Shorewood, WI $53211.$ His Social Security number is $123-45-6788.$ Ellen lives at $6772$ East Oklahoma Avenue, Milwaukee, WI $53204.$ Her Social Security number is $987-65-4321.$

Required:

Determine the amount and character of the income and expense items that each beneficiary must report for the year, and prepare a Schedule K$-1$ for Marcus White.

If an amount box does not require an entry or the answer is zero, enter $0".$

Enter all amounts as positive numbers, unless otherwise instructed.

If required, round final answers to the nearest dollar.

Make realistic assumptions about any missing data.