Instructions Note: This problem is for the 2020 tax year. Prepare the 2020 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the year, and prepare a Schedule K-1 for Marcus White. The trust is not subject to the AMT. The year's activities of the trust include the following. Dividend income, all qualified U.S. stocks Taxable interest income - Tax-exempt interest income Net long-term capital gain, incurred 11/1 $10,000 50,000 20,000 25,000 6,000 Trustee's fees Under the terms of the trust instrument, cost recovery, net capital gains and losses, and fiduciary fees are allocable to corpus. The trustee is required to distribute $25,000 to Marcus every year. For the year, the trustee distributed $40,000 to Marcus and $40,000 to Marcus's sister, Ellen Hayes. No other distributions were made. In computing DNI, the trustee properly assigned all of the deductible fiduciary's fees to the taxable interest income. The trustee paid $4,000 in estimated taxes for the year on behalf of the trust. Any resulting refund is to be credited to the next tax year. The exempt income was not derived from private activity bonds. The trust was created on December 14, 1953. It is not subject to any recapture taxes, nor can it claim any tax credits. None of its income was derived under a personal services contract. The trust has no economic interest in any foreign trust. Its Federal identification number is 11-1111122. The trustee, Wisconsin State National Bank, is located at 3100 East Wisconsin Avenue, Milwaukee, WI 53201. Marcus lives at 9830 East North Avenue, Shorewood, WI 53211. His Social Security number is 123-45-6788. Ellen lives at 6772 East Oklahoma Avenue, Milwaukee, WI 53204. Her Social Security number is 987-65-4321. Required: Prepare the 2020 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the year, and prepare a Schedule K-1 for Marcus White. If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless otherwise instructed. If required, round final answers to the nearest dollar. . Make realistic assumptions about any missing data. Note: You are not required to complete Schedule D or the Schedule D Tax Worksheet. Computational Template for Applying Five-Step Procedure Round to any division to six decimal places. Round your intermediate computations and final answers to the nearest dollar. Enter all amounts as positive numbers. Item Dividend income Taxable interest income) Exempt interest income Net long-term capital gain Fiduciary fees Personal exemption Accounting income/Taxable income before the distribution deduction Exemption Corpus capital gain/loss Net exempt income Distributable net income Totals Accounting Income Taxable Income 0000 STEP 1 STEP 2 Taxable portion Distributable Net Income/Distribution Deduction Computational Template for Applying Five-Step Procedure Distributable net income Distribution deduction Entity taxable income STEP 5: Allocate DNI Taxable portion STEP 3 STEP 4 STEP 5: Income Type Beneficiary Amount Taxation Received DNI Received Interest Income Exempt Interest Totals Marcus Ellen Lesser of distributed or s = taxable DNI distributed Dividend Income