Corporations, Partnerships, Estates & Trusts Chapter 20: Problems

• 25. LO.2 Complete the chart below, indicating the Calvet Trust's entity accounting income for each of the alternatives. For this purpose, use the following information.

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	________________