The trustee of the Peterson trust is required by the trust agreement to distribute $5,000 yearly to
Question:
The trustee of the Peterson trust is required by the trust agreement to distribute $5,000 yearly to Peter Peterson, $4,000 yearly to John Peterson, and $3,000 yearly to Sally Peterson. The trustee has the authority per the trust agreement to make additional distributions to the beneficiaries at his discretion. During 2019, the trustee actually distributes $10,000 to Peter, $15,000 to John, and $20,000 to Sally. The trust has DNI of $30,000 in 2019.
What is the taxable amount of the distributions to Peter, John, and Sally?
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To determine the taxable amount of the distributions to Peter John and Sally we need to allocate the ...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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