TAX FORM /RETURN PREPARATION PROBLEMS Marion Mosley created the Jenny Justice Trust in 2005 with First Bank named as trustee. For 20 years, the trust is to pay out all its income semiannually to the beneficiary, Jenny Justice. At the end of the twentieth year, the trust assets are to be distributed to Jenny's descendants. According to the trust instrument, capital gains are credited to principal, and depreciation is charged to principal. For the current year, the irrevocable trust reports the results shown on the next page. a I he sales price and adjusted basis are $y1,U and $,U, respectively. I he trustee acquired the land in 2006 and the trustee sold it in November of the current year. Prepare a Form 1041, including any needed Schedule K-1, for the Jenny Justice Trust. Ignore the alternative minimum tax (AMT). The trustee's address is P.O. Box 100, Southwest City, TX 75000. The identification number of the trust is 74-1234567. Jenny, resides at 2 Mountain View, South City, AL 35000. TAX FORM /RETURN PREPARATION PROBLEMS Marion Mosley created the Jenny Justice Trust in 2005 with First Bank named as trustee. For 20 years, the trust is to pay out all its income semiannually to the beneficiary, Jenny Justice. At the end of the twentieth year, the trust assets are to be distributed to Jenny's descendants. According to the trust instrument, capital gains are credited to principal, and depreciation is charged to principal. For the current year, the irrevocable trust reports the results shown on the next page. a I he sales price and adjusted basis are $y1,U and $,U, respectively. I he trustee acquired the land in 2006 and the trustee sold it in November of the current year. Prepare a Form 1041, including any needed Schedule K-1, for the Jenny Justice Trust. Ignore the alternative minimum tax (AMT). The trustee's address is P.O. Box 100, Southwest City, TX 75000. The identification number of the trust is 74-1234567. Jenny, resides at 2 Mountain View, South City, AL 35000