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A trust has $7,000 in interest income, $5,000 in tax-exempt interest income, $4,000 in dividend income and $3,000 in capital gains. The trust's only expense
A trust has $7,000 in interest income, $5,000 in tax-exempt interest income, $4,000 in dividend income and $3,000 in capital gains. The trust's only expense was $2,000 in fiduciary fees. What is the allocation of fiduciary fees to principal and income?
$0 allocable to principal; $2,000 allocable to income.
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