In: Accounting
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.
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a.
How much income is each beneficiary entitled to receive?
$ 322,500
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?
$