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The trustee of the Purple Trust can distribute any amount of accounting income and corpus to the trust's beneficiaries, Lydia and Kent. This year,...
The trustee of the Purple Trust can distribute any amount of accounting income and corpus to the trust's beneficiaries, Lydia and Kent. This year, the trust incurred the following.Taxable interest income $40,000Tax-exempt interest income 60,000Long-term capital gains- allocable to corpus 30,000Fiduciary’s fees- allocable to corpus 10,000The trustee distributed $40,000 to Lydia and $20,000 to Kent.a. What is Purple's trust accounting income?b. What is Purple's DNI?c. What is Purple's taxable income?d. How much is taxed to each of the beneficiaries?
The trustee of the Purple Trust can distribute any amount of accounting income and corpus to the trust's beneficiaries, Lydia and Kent. This year, the trust incurred the following.Taxable interest...