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A simple trust has a distributable net income (DNI) of $50,000 and net accounting income of $60,000, all from taxable sources. The trust has a sole beneficiary, Marty. The trust reports on a calendar tax year and distributes the $60,000 of 2007's net accounting income to Marty on January 20, 2008. No other distributions are made the current year. Marty's taxable income from the trust this year is:

a. $0

b. $49,700

c. $50,000

d. $60,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9407694

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