The sterling trusts owns a business and generated 100000 in, Ask an Expert

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The sterling trusts owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the sterling depreciation on her form 1040? if so, how much is her deduction?

taxable income from business $500,000

gross income from business 2,000,000

mona's share of trust accounting income 250,000

total trust accounting income 750,000

mona's share of distributable net income 150,000

total distributable net income 600,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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