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How much gross income should each beneficiary report

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Reference no: EM132622633

The Amy Trust is a simple trust that uses the calendar year for tax purposes. Its income beneficiaries, Judy and Janice, are entitled to the trust's annual accounting income in shares of one-half each. The Amy Trust reports the following for the current year:

Ordinary income                                               $200,000

Long-term capital gains, allocable to corpus         $40,000

Trustee commission expense, allocable to corpus   $3,800

Question a. What is the trust's distributable net income?

Question b. How much gross income should each beneficiary report?

Question c. What is the trust's taxable income?

Reference no: EM132622633

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