The hosta trust reports gross rent income of 72000 expenses, Ask an Expert

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The Hosta Trust reports gross rent income of $72,000, expenses attributable to the rents of $55,000, and tax-exempt interest from state bonds of $18,000. Under the trust agreement, the trustee is to pay 20% of the annual trust accounting income to the American Red Cross, a qualifying charitable organization. Compute Hosta's charitable contribution deduction.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91697552

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