The trustee of the Geddings Trust has the discretion to distribute the income or corpus of the trust in any proportion between the two beneficiaries of the trust, Zoey and Milo. Under the trust instrument, Zoey must receive $5,000 and Milo must receive $10,000 from the trust every year. In the current year, the trust's accounting income is $15,000, and its DNI is $12,000. What amount income is recognized by the beneficiaries as the result of the distributions? Do not round immediate computations. Round your final answers to the nearest dollar. If an amount is zero, enter"0". a. Zoey: First-tier Distribution of
Problem 28-24 (c) (LO. 3)
The trustee of the Geddings Trust has the discretion to distribute the income or corpus of the trust in any proportion between the two beneficiaries of the trust, Zoey and Milo. Under the trust instrument, Zoey must receive $5,000 and Milo must receive $10,000 from the trust every year. In the current year, the trust's accounting income is $15,000, and its DNI is $12,000.
What amount income is recognized by the beneficiaries as the result of the distributions?
Do not round immediate computations. Round your final answers to the nearest dollar. If an amount is zero, enter"0".
a. Zoey: First-tier Distribution of $fill in the blank 1 and Second-tier Distribution of $fill in the blank 2.
b. Milo: First-tier Distribution of $fill in the blank 3 and Second-tier Distribution of $fill in the blank 4.
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