Reference no: EM132761788
Problem 1: Which of the following is the annual maximum amount trust beneficiaries pay tax on?
a. Entity taxable income.
b. Entity adjusted gross income.
c. Distributable net income.
d. Fiduciary accounting income.
The trustee of the Miguel Trust can distribute any amount of accounting income and corpus to the trust's income beneficiaries, Paula and George. This year, the trust incurred the following.
Taxable interest income $40,000
Tax-exempt interest income 20,000
Long-term capital gains-allocable to corpus 10,000
Fiduciary's fees-allocable to corpus 6,000
The trustee distributed $40,000 to Paula.
Problem 2: What is Miguel's trust accounting income?
a. $24,000.
b.$57,000.
c. $60,000.
d. $64,000.
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