Font Paragraph Part 1: Please Answer the following question (show your work): Mr. Samuel Smith is a successful businessman who has two sons, He wishes to have most of his property ultimately pass into their hands. In a move designed to help achieve this goal, he transferred a substantial amount of property to a trust in their favor 15 years ago. The fiscal year of the trust ends on December 31, and Mr. smith has no beneficial interest in either the income or capital of the trust. The terms of the trust provide for the older son, Jonathan, age 38, to receive 35 percent of the income of the trust, while the younger son, Robert, age 35, is to receive a 25 percent share. Trust income indudes any capital gains earned in the trust. Both Jonathan and Robert smith are single and have no current sources of income other than the trust. The undistributed income is to accumulate within the trust, to be paid out to the two sons at the time of Mr. Samuel smith's death. The income figures for the year ending December 51, 2020, are as follows: Interest Income On Government Bonds $55,000 Eligible Dividends Received From Canadian Corporations 245,000 Revenues From Rental Property 394,000 Cash Expenses Qn Rental Property 247,000 On September 1, 2020, the rental property was sold. The property consisted of an apartment building and the land on which it was located, all of which was transferred into the trust when it was established. The relevant information related to the disposition is as follows: Building Land Proceeds of Disposition $1,857,000 $1, 100 0OD UGC 1,371,000 N/A Capital Cost/ACB 1,620,0DO 785,600 This is the first disposition of capital property by the trust since its establishment, Required: A. Calculate the Taxable Income of the trust, Jonathan smith, and Robert smith for the year ending December 31, 2020 B calculate the federal Tax Payable for the trust for the year ending December 31, 2020. Check figure = $120,280