The Stoudemire Trust reports $45,200 of net investment income (NII) and $60,000 in net profits from an active business operation for 2020. Stoudemire retains all of the business profits but, under the terms of the trust agreement, distributes $17,400 cash from the NII to its sole beneficiary Marshall. Round your final answer to the nearest dollar. The trust's liability under the additional tax on NII is ${fill in the blank 1}

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 16CE
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The Stoudemire Trust reports $45,200 of net investment income (NII) and $60,000 in net profits from an active business operation for 2020. Stoudemire retains all of the business profits but, under the terms of the trust agreement, distributes $17,400 cash from the NII to its sole beneficiary Marshall.

Round your final answer to the nearest dollar.

The trust's liability under the additional tax on NII is ${fill in the blank 1}

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