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	$10,000
Taxable interest income	50,000
Tax-exempt interest income	20,000
Net long-term capital gain, incurred 11/1	25,000
Trustee's fees	6,000

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 9880 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.

Prepare a Schedule K1 for Marcus White.

For "Other Information", letter A is for adjusted tax-exempt income and letter E is for the net investment income.

661117

Final K-1

Amended K-1

OMB No. 1545-0092

Schedule K-1 (Form 1041)

2020

Part III

Beneficiary's Share of Current Year Income,

Deductions, Credits, and Other Items

Department of the Treasury Internal Revenue Service

For calendar year 2020, or tax year

1	Interest income fill in the blank ec4216fe8050019_1	11	Final year deductions
2a	Ordinary dividends fill in the blank ec4216fe8050019_2
2b	Qualified dividends fill in the blank ec4216fe8050019_3
3	Net short-term capital gain
4a	Net long-term capital gain
4b	28% rate gain	12	Alternative minimum tax adjustment
4c	Unrecaptured section 1250 gain
5	Other portfolio and nonbusiness income
6	Ordinary business income
7	Net rental real estate income	13	Credits and credit recapture
8	Other rental income
9	Directly apportioned deductions
		14 A	Other information fill in the blank ec4216fe8050019_4
10	Estate tax deduction	E	fill in the blank ec4216fe8050019_5

beginning ending

Beneficiary's Share of Income, Deductions, Credits, etc. See back of form and instructions.

Part I Information About the Estate or Trust

A	Estate's or trust's employer identification number
	11-1111122

B	Estate's or trust's name
	GREEN TRUST

C	Fiduciary's name, address, city, state, and ZIP code
	WISCONSIN STATE NATIONAL BANK, TRUSTEE 3100 EAST WISCONSIN AVENUE MILWAUKEE, WI 53201

D	Check if Form 1041-T was filed and enter the date it was filed _____________
E	Check if this is the final Form 1041 for the estate or trust

Part II Information About the Beneficiary

F	Beneficiary's identifying number
	123-45-6788

G	Beneficiary's name, address, city, state, and ZIP code
	MARCUS WHITE 9880 EAST NORTH AVENUE SHOREWOOD, WI 53211

Beneficiary 1

*See attached statement for additional information. Note. A statement must be attached showing the beneficiary's share of income and directly apportioned deductions from each business, rental real estate, and other rental activity.