Jack green established the jackson trust by a gift in 1999

Reference no: EM13591288

Jack Green established the Jackson Trust by a gift in 1999. The trust instrument requires that the trustee (Fifth-Fourth Bank) distribute all of the trust income at least annually to Ned Jackson for life. In fact, all the trust income was distributed to Ned Jackson during the year. Under the trust document capital gains are credited to principal. Trustee's fees and estimated tax payments come out of principal for purposes of calculating fiduciary income. The 2012 results of the trust are as follows:

Dividends $20,000
Corporate Bond Interest $30,000
Capital Gains $10,000
Rental Income $30,000
Tax-Exempt Interest $20,000
Trustee's Fee $10,000
Tax Return Preparation Fee $ 1,000
Payment of Estimated Taxes $ 1,500
Rental Expenses $ 5,000

Reference no: EM13591288

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