Income Allocation to Beneficiaries During the current year, Mr. Lung's Family Trust received the following: - Eligible dividends from publicly traded Canadian co. - Non-eligible dividends from a CCPC - Capital gain on disposition of a piece of land - Business income from the family business that the trust manages $ 50,000 80,000 200,000 150,000 Net income for tax purpose - trust: Eligible dividends Gross up by 38% Non-eligible dividends Gross up by 15% Net income for tax purposes - trust Mr. Lung's adult son and daughter are the two equal beneficiaries of the trust. During the year, half of the eligible and non-eligible dividends, and all of the capital gain and business income are distrubuted equally to the two beneficiaries. Indicate the tax effects of these transactions on the Net Income for Tax Purposes for both the trust and the beneficiaries. Net income for tax purpose - beneficiaries: Son Daughter Total Eligible dividends Gross up by 38% Non-eligible dividends Gross up by 15% Taxable capital gains Property income Net income for tax purposes Income Allocation to Beneficiaries During the current year, Mr. Lung's Family Trust received the following: - Eligible dividends from publicly traded Canadian co. - Non-eligible dividends from a CCPC - Capital gain on disposition of a piece of land - Business income from the family business that the trust manages $ 50,000 80,000 200,000 150,000 Net income for tax purpose - trust: Eligible dividends Gross up by 38% Non-eligible dividends Gross up by 15% Net income for tax purposes - trust Mr. Lung's adult son and daughter are the two equal beneficiaries of the trust. During the year, half of the eligible and non-eligible dividends, and all of the capital gain and business income are distrubuted equally to the two beneficiaries. Indicate the tax effects of these transactions on the Net Income for Tax Purposes for both the trust and the beneficiaries. Net income for tax purpose - beneficiaries: Son Daughter Total Eligible dividends Gross up by 38% Non-eligible dividends Gross up by 15% Taxable capital gains Property income Net income for tax purposes