Question: Corporations, Partnerships, Estates & Trusts Chapter 20: Problems 31. LO.2, 3 Assume the same facts as in Problem 30, except that the trust instrument allocates

Corporations, Partnerships, Estates & Trusts Chapter 20: Problems

31. LO.2, 3 Assume the same facts as in Problem 30, except that the trust instrument allocates the capital gain to income.

Below are the facts for problem 30

Ordinary income

$100,000

Long-term capital gains, allocable to corpus

30,000

Trustee commission expense, allocable to corpus

5,000

Use the format of Figure 20.3 to address the following items.

  • a. How much income is each beneficiary entitled to receive?
  • b. What is the trust's DNI?
  • c. What is the trust's taxable income?
  • d. How much gross income is reported by each of the beneficiaries?

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