5 - 26 marks - (47 minutes) Part A 6 marks - II minutes Last year, Jerry Hall established an Inter-Vivos Trust for his 22-year old son, Mark Hall. The trust agreement leaves to the discretion of the Trustees, the portion of each type of the Trust's income that will be distributed each year. During the year ending December 31, 2019, the following income were earned by the assets held in the Trust: Interest from Canadian Sources $18,500 Capital Gains 43,000 Grossed-up Eligible Dividends Received From Canadian Corporations 44,160 Net Rental Income (After CCA Deduction of $4,300) 19,500 During 2019, the Trustees distributed all of the interest income to Mark, as well as 80 percent of the capital gains, dividends, and net rental income. Mark is a full-time student for all of 2019 and has no other source of income during this year, other than the Trust income. Required: Part 1. Calculate the taxable income for the year ending December 31, 2019, for both the Trust and for Mark. (4 marks) Part 2. Comment on whether it was advantageous for the trustee to leave 20 percent of the capital gains, dividends, and net rental income in the Trust. (2 marks)