A is 16 years old and a beneficiary of testamentary trust. Income earned in the trust is
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A is 16 years old and a beneficiary of testamentary trust. Income earned in the trust is to be accumulated in the trust until she reaches the age of 18 at which time accumulated income can be distributed. In the current year the trust earned interest income of $12,000 and a capital gain of $8,000. Determine the maximum amount that the trust can deduct from income and allocate to A in the current year.
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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