A Trust Reports the Following Results All of the Items Above Are Allocated to Income

question 35

Essay

A trust reports the following results:
$\begin{array}{ll}\text { Dividend income }&\$20,000\\\text { Capital gains } & 10,000 \\\text { Tax-exempt interest } & 10,000 \\\text { Trustee fees } & 3,000\end{array}$ All of the items above are allocated to income.Calculate the maximum amount of trustee fees that are deductible.

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Definitions:

TANF

Temporary Assistance for Needy Families, a governmental program that provides financial assistance to low-income families with dependent children, aiming to encourage work, reduce dependency, and promote family stability.

Aid for Families

Financial support provided by the government or organizations to help families meet their basic needs, such as housing, food, and healthcare.

Dependent Children

Minors who rely on their guardians or parents for financial support and daily care.

Skills or Ability

The developed capacities or proficiency that individuals possess which enable them to perform tasks effectively.