The Governing Instrument for the Lopez Trust Contains No Definitions $\quad$

question 53

Essay

The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is locat state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disburse Dividends $\quad$$\quad \$ 10,000$
Proceeds from sales of stock, including $\$ \mathbf { 1 0 , 0 0 0 }$ of gain $\quad$$\$ 40,000$
Trustee's fee, all charged to income $\quad \$ 500$
CPA's fee for preparation of $\operatorname { tax }$ return $\$ 200$ What is the trust's net accounting income?

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Definitions:

Palpebral Fissures

The opening between the upper and lower eyelids, which can vary in size and shape across individuals and can be affected by certain conditions.

Cranial Nerve

These are the twelve nerves that emerge directly from the brain (as opposed to the spinal column) and are responsible for a variety of functions including sensory information and muscle control.

Symmetric

Having parts that match each other in size, shape, and position; being the same on both sides of a dividing line.

Trigeminal Nerve

The fifth cranial nerve responsible for sensation in the face and motor functions such as biting and chewing.