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How much income is each beneficiary entitled to receive

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Problem - The Allwardt Trust is a simple trust. 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 $375,000

Long-term capital gains, allocable to corpus 112,500

Trustee commission expense, allocable to corpus 18,750

Required -

1. How much income is each beneficiary entitled to receive?

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

Reference no: EM132462374

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