In the current year the Bridgeport Trust had DNI of $200,000, $50,000 of which was tax-exempt interest, and $150,000 was long-term capital gain. As the sole income beneficiary Billy McDugle received a distribution of the entire accounting income of the trust, $250,000. How does Billy report the distribution?

Answer rating: 100% (QA)

Billy McDugle will report the distribution on his pe... View the full answer