Should be on 2012 forms and done in pencil. It should include a schedule that shows the fiduciary income calculation and other relevant calculations. Jack Green established the Jackson Trust by a gift in 1999. The trust instrument requires that the trustee distribute all of the trust income at least annually to Ned Jackson for life. In fact, all the trust income was distributed to Ned Jackson during the year. Under the trust document capital gains are credited to principal. Trustee's fees and estimated tax payments come out of principal for purposes of calculating fiduciary income. The 2012 results of the trust are as follows: Dividends $20,000 Corporate Bond Interest $30,000 Capital Gains $10,000 Rental Income $30,000 Tax-Exempt Interest $20,000 Trustee's Fee $10,000 Tax Return Preparation Fee $ 1,000 Payment of Estimated Taxes $ 1,500 Rental Expenses $ 5,000 The capital gain was from a property purchased on 08/10/2009 and its cost was $5,000 and it sold on 12/01/2012. Calculate the amount of fiduciary income that was distributed by the trust. Prepare a Form 1041, including any needed Schedule K-1's, for the Jackson Trust. Ignore alternative minimum tax. The trustee's address is P.O. Box 100, Waterloo, IA 50702. The identification number of the trust is 12-3456789. Ned's social security number is 483-77-5566, and he resides at 100 Oregon Street, Evansville, IN 47715.