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How much of this loss can the Trust, its sole income beneficiary, Diane, or its sole remainder beneficiary, Duke, deduct this year?
How much of this loss can the Trust, its sole income beneficiary, Diane, or its sole remainder beneficiary, Duke, deduct this year? A. Diane deducts $100,000. B. Duke deducts $100,000. C. Diane and Duke each deduct $50,000. D. Diane, Duke, and the Trust each deduct $33,333. E. Neither beneficiary nor the trust gets a deduction this year. 28. During the current year, the Madison Trust received $40,000 of taxable interest income, paid trustee"s commissions of $4,000, and had no other income or expenses. The trust instrument requires that $20,000 be paid annually to Marilyn, and $40,000 be paid annually to Domingo. How much gross income must Marilyn and Domingo recognize? A. $20,000 by Marilyn and $40,000 by Domingo. B. $20,000 by Marilyn and $20,000 by Domingo. C. $12,000 by Marilyn and $24,000 by Domingo. D. $18,000 by Marilyn and $18,000 by Domingo. E. None of the above.
