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QUESTION
The Schmidt Trust generated a net operating loss this year of $200,000. The Trust terminates December 31.
The Schmidt Trust generated a net operating loss this year of $200,000. The Trust terminates December 31. Whitney receives $80,000 of corpus upon termination and William receives the remaining $120,000. Both Whitney and William are calendar year taxpayers. How much of this loss can the Trust, Whitney, or William deduct?
