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The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus.   Taxable interest income                                    40,000 Tax-exempt income interest income                  20,000 Long-term capital gains-allocable to corpus        80,000 Legal and accounting fees-allocable to corpus      9,000 Money distributed to Beneficiary A                    13,000 Money distributed to Beneficiary B                    26,000   Determine the following:   Trust Accounting Income________________________         Taxable Income________________________________         Distributable Net Income (DNI)________

The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus.   Taxable interest income                                    40,000 Tax-exempt income interest income                  20,000 Long-term capital gains-allocable to corpus        80,000 Legal and accounting fees-allocable to corpus      9,000 Money distributed to Beneficiary A                    13,000 Money distributed to Beneficiary B                    26,000   Determine the following:   Trust Accounting Income________________________         Taxable Income________________________________         Distributable Net Income (DNI)________

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus.

 

Taxable interest income                                    40,000

Tax-exempt income interest income                  20,000

Long-term capital gains-allocable to corpus        80,000

Legal and accounting fees-allocable to corpus      9,000

Money distributed to Beneficiary A                    13,000

Money distributed to Beneficiary B                    26,000

 

Determine the following:

 

Trust Accounting Income________________________

 

 

 

 

Taxable Income________________________________

 

 

 

 

Distributable Net Income (DNI)____________________

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