What is miguels taxable income? how much gross income is, Ask an Expert

Accounting

The trustee of the Miguel Trust can distribute any amount of accounting income and corpus to the trust’s income beneficiaries, Paula and George. This year, the trust incurred the following.

Taxable interest income
$40,000
Tax-exempt interest income
20,000
Long-term capital gains—allocable to corpus
10,000
Fiduciary’s fees—allocable to corpus
6,000

The trustee distributed $40,000 to Paula and $40,000 to George.

1.What is Miguels trust acctg income?

2.What is Miguel's DNI?

3.What is Miguel's taxable income?

4.How much gross income is recognized by each beneficiary?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9430655

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