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The Ricardo Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current calendar year, the trust generates ordinary income of $50,000, a long-term capital gain of $25,000 (allocable to corpus), and a trustee commission expense of $10,000 (allocable to corpus).

How do you come up with the trust's taxable income?

Accounting Basics, Accounting

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