Ebony Trust Was Established Two Years Ago with Brent as the Beneficiary

question 17

Essay

Ebony Trust was established two years ago with Brent as the beneficiary. The trust instrument instructed the trustee last year to make discretionary distributions of income to Brent. Beginning in two years, the trustee is instructed to pay all of the trust income earned that year to Brent. What was the trust's personal exemption last year? What will the personal exemption be in two years?

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Definitions:

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United Nations Millennium Declaration

A resolution adopted by the United Nations in 2000, committing member nations to combat poverty, hunger, disease, illiteracy, environmental degradation, and discrimination against women by 2015.

Brundtland Commission Report

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Declaration of Alma Ata

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