Question: oblem 20-24 (Algorithmic) (LO. 2, 3) e Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries

oblem 20-24 (Algorithmic) (LO. 2, 3) e Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are titled to the trust's annual accounting income in shares of one-half each. r the current tax year, Allwardt reports the following. Ordinary income $270,000 Long-term capital gains, allocable to corpus 81,000 Legal and accounting fees, allocable to corpus 13,500 a. How much income is each beneficiary entitled to receive? b. What is the trust's DNI? What is the trust's taxable income? How much gross income is reported by each of the beneficiaries? 249,750 Previous No

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