Solution-What was the estate distributable net income

What was the estate distributable net income

Reference no: EM132665471

Problem - Reinus, a cash basis taxpayer, died on February 3. During the year, the estate's executor made a distribution of $12,000 from estate income to Reinus's sole heir and adopted a calendar year to determine the estate's taxable income. The following additional information pertains to the estate's income and disbursements for the year. For the calendar year, what was the estate's distributable net income (DNI)?

Taxable interest $85,000

Net long-term capital gains allocable to corpus 10,000

Administrative expenses attributable to taxable income $24,000

Charitable contributions from gross income to a public charity, made under the terms of the will 19,000

a. $39,000

b. $42,000

c. $58,000

d. $65,000

Reference no: EM132665471

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What was the estate distributable net income

Reference no: EM132665471

Reference no: EM132665471

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