Problem $30-24($Algorithmic$)($LO$.2,3)$

The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries $($Lucy and Ethel$)$ are entitled to the trust's annual accounting income in shares of one$-$half each.

For 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?

$$\_\_\_\_\_\_\_\_$

c$.$What is the trust's taxable income?

$$\_\_\_\_\_\_\_\_$

d$.$How much gross income is reported by each of the beneficiaries?

$$\_\_\_\_\_\_\_\_\_$