The Popeye Saylor Trust is required to distribute $18,000 to Marta and $24,000 to Marty. The distributable net income (DNI) for the year is $28,600. What is the amount of income (if any), on which Marta and Marty will be required to pay taxes?

a) Marta: $12,257; Marty: $16,343

b) Marta: $18,000; Marty: $24,000

c) Marta: $14,300; Marty: $14,300

d) Marta: $ 0; Marty: $ 0

When the Elsie Rogers Estate was created, it specified that certain distributions were made to her two children. The distributions to be made were $8,000 to Bruce and $4,000 to Sylvia. The distributable net income (DNI) for the current year is $3,900. How much is the income (if any) on which children must pay tax?

a) Bruce $8,000 and Sylvia $4,000

b) Bruce $2,600 and Sylvia $1,300

c) Bruce $1,950 and Sylvia $1,950

d) Neither are required to pay taxes on any income received

Joseph Levin is the fiduciary for the Evelyn Woods Estate. He needs to obtain the taxpayer identification number from each beneficiary. Which form should he use?

a) W-2

b) W-4

c) W-9

d) W-10

Which of the following items is generally treated as principal for fiduciary accounting purposes?

a) Rents from real or personal property

b) Dividend Income

c) Interest Income

d) Capital Gain Income