Mickey Trust is a simple trust. It has four income beneficiaries who are entitled to the trust's annual accounting income in shares of one-fourth each. This year, the trust incurred the following.

Ordinary business income	$40,000
Long-term capital gain allocable to income	20,000
Fiduciary's feesallocable to corpus	4,000

Instructions: Complete the template below and answer each of the questions that follow. Show your computations in margins or below table.

Item	Totals	Accounting Income	Taxable Income	Distributable Net Income/ Distribution Deduction
Personal exemption
Accounting Income/Taxable Income Before the Distributions Deduction
Exemption
Corpus Capital Gain/Loss
Net Exempt Income
Distributable Net Income
Distribution Deduction
Entity Taxable Income

• What is Mickey's trust accounting income?
• What is Mickey's DNI?
• What is Mickey's taxable income?
• How much income is each beneficiary entitled to receive?
• How much income is taxable to each of the income beneficiaries?