The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries $($Lucy and Ethel$)$ are entitled to the trust's annual accounting income in shares of one$-$half each.

For the current tax year, Allwardt reports the following:

Ordinary income $$100,000$

Long$-$term capital gains, allocable to income $30,000$

Legal and accounting fees, allocable to corpus $5,000$

The trust instrument allocates the capital gain to income.

a$.$ How much income is each beneficiary entitled to receive?

b$.$ What is the trust's DNI?

c$.$ What is the trust's taxable income$/$loss$?$

The trust's loss is$.$

d$.$ How much gross income is reported by each of the beneficiaries?