The Trustee of the Miguel Trust Can Distribute Any Amount

question 153

Essay

The trustee of the Miguel Trust can distribute any amount of accounting income and corpus to the trust's income beneficiaries,Paula and George.This year,the trust incurred the following. Taxable interest income $40,000 Tax-exempt interest income 20,000 Long-term capital gains-allocable to corpus 10,000 Fiduciary's fees-allocable to corpus 6,000 The trustee distributed $40,000 to Paula and $40,000 to George.
a.What is Miguel's trust accounting income?
b.What is Miguel's DNI?
c.What is Miguel's taxable income?
d.How much gross income is recognized by each of the beneficiaries?

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Definitions:

Sample Size

The number of individuals or observations included in a sample, which is used to estimate or test hypotheses about the larger population.

Sample Size

The number of observations or data points collected in a study or experiment.

Neutral

Not supporting or helping either side in a conflict, dispute, or war; impartial.

Socioeconomic Status

A combined total measure of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.