Use the following information to complete the chart below, indicating the Calvet Trust's entity accounting income for each of the alternatives. Interest income, taxable $300,000 Interest income, tax-exempt 30,000 Interest income, tax-exempt but AMT preference item 20,000 Long-term capital gain 40,000 Trustee fee 10,000   Trust Agreement Provisions Trust Accounting Income Fees and capital gains allocable to corpus   Capital gains allocable to corpus, one-half of fees allocable to income   Capital gains allocable to income, silent concerning allocation of fees   Fees and exempt income allocable to corpus, silent concerning allocation of capital gain/loss

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 19P
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Use the following information to complete the chart below, indicating the Calvet Trust's entity accounting income for each of the alternatives.

Interest income, taxable $300,000
Interest income, tax-exempt 30,000
Interest income, tax-exempt but AMT preference item 20,000
Long-term capital gain 40,000
Trustee fee 10,000

 

Trust Agreement Provisions Trust Accounting
Income
Fees and capital gains allocable to corpus  
Capital gains allocable to corpus, one-half of fees allocable to income  
Capital gains allocable to income, silent concerning allocation of fees  
Fees and exempt income allocable to corpus, silent concerning allocation
of capital gain/loss
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