Hello,

I am working on this problem and this is what I have so far. However, I feel as if it is wrong, could you help me out?

WALSH COLLEGE TAX 497/597 Spring 2017 Tax Return Problem Joel Asni settled the Joel Asni Irrevocable Children's Trust on July 1, 2001 (EIN: 33898989). In 2016, the Trust had items of income and expense as follows: Qualified Dividends Ordinary Dividends Rental income from house Charitable Gift to United Way Tax-exempt interest Rental expenses1 Trustee's fee Fee for preparation of tax return Capital gain on sale of stock2 Distribution of income: Amelia Brandon Payments of estimated tax Amount Allocable to Income Principal $30,000 1,000 18,500 15,000 15,000 3,500 600 $ 600 500 12,000 18,000 9,000 1,000 The trust agreement appointed Klinefelt Bank and Trust as its trustee with broad discretionary authority, including the Trustee's authority to distribute income to Amelia and Brandon during its 20-year term. The trustee has decided to allocate a portion of the estimated taxes to the beneficiaries this year. On July 1, 2021, the Trust will terminate and the assets will be distributed equally to Amelia and Brandon, irrespective of any distributions the beneficiaries received during the life of the Trust (i.e. separate shares are not maintained for Amelia and Brandon). The Trustee has never allocated any estimated tax payments to the beneficiaries and the Trust provides that capital gains are to be treated as \"principal\" by the Trustee. Klinefelt Bank and Trust Amelia Asni Brandon Asni 1234 Money Lane 456 Avenue B. 1515 B-Street, Room 222 Belesky, MI 48007 Connie, MI 48008 Perez, MI 48009 EIN: 33-989898 SS: 444-99-5555 SS: 444-98-6666 Please prepare the 2016 Form 1041 and any other form or schedule required for the Asni Children's Trust. This Return will be due the last day of class. 1 The residential rental property is located at: 2288 Greenfeld Avenue, Austin, Michigan 48333. The expenses include: $250 commission paid to real estate management company for managing rental property, $2,000 for depreciation of the property, $1,250 for maintenance expenses. 2 Trustee sold Corporate Stock on May 2, 2016. The stock was purchased for $8,000 on May 2, 2007