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In the current year the Bridgeport Trust had DNI of $200,000, $50,000 of which was tax-exempt interest, and $150,000 was long-term capital gain. As the
In the current year the Bridgeport Trust had DNI of $200,000, $50,000 of which was tax-exempt interest, and $150,000 was long-term capital gain. As the sole income beneficiary Billy McDugle received a distribution of the entire accounting income of the trust, $250,000. How does Billy report the distribution?
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
